SunEdison bags USD 60m project funding from JPMorgan

(ADPnews) – Oct 7, 2010 - US solar electricity company SunEdison LLC, a subsidiary of MEMC Electronic Materials (NYSE:WFR), has reached an agreement with JPMorgan Capital Corporation over USD 60 million (EUR 43m) in project financing for US-based solar deployments .

The JPMorgan commitment will be funded through SunE Solar Fund X and used to back installations for both commercial and government projects. This is the first distributed generation solar programme for JPMorgan.

Under SunE Solar Fund X, SunEdison will finance, construct, monitor and maintain photovoltaic (PV) power plants at client (host) locations. In return, the solar hosts will buy the energy produced to offset their demand from the grid typically at prices at or below retail rates.
The JPMorgan financing will cover the upfront capital costs for the solar deployments.

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