Oct 15 2010
JPMorgan is all set to finance $60 million towards SunEdison solar energy projects across the USA. For JPMorgan, this is a pioneer distributed generation solar energy program.
SunEdison is a global leader in providing solar energy services, while being a subsidiary of MEMC. Towards the project financing, SunEdison has entered into an agreement with the company, JPMorgan Capital Corporation for the solar deployments.
JPMorgan’s commitment would be funded by way of SunE Solar Fund X towards funding numerous solar deployments both for the government and commercial projects. Under this fund, SunEdison will be constructing, maintaining, monitoring and financing photovoltaic power plants in the client locations while the respective solar hosts will be purchasing the energy produced from these solar projects. JPMorgan’s financing will be helping the commercial and public clients in realizing the benefits provided by solar energy without upfront capital costs that is typically associated with solar deployments.
SunEdison, by using its proven photovoltaic technologies, installs, operates, develops and finances the distributed power plants while JPMorgan is a global leader in providing financial services and operates in about 60 countries worldwide. MEMC is engaged in the sale and manufacture of wafers as well as related intermediate products for the solar and semiconductor industries.