Oct 19 2010
SunEdison, a globally known solar energy services provider and an auxiliary of MEMC Electronic Materials, declared that Bank of America Merrill Lynch has agreed to provide funding for the last two phases of its 17.3 MW solar farm project currently under development in Davidson County, North Carolina.
SunEdison is developing the project for Duke Energy Carolinas after executing a solar power purchase agreement with the power utility. On completion of all the phases of the project the 17.3 MW solar farm will produce more than 510 million kilowatt hours of electric power for the next 20 years which can be utilized to supply power to 48,000 average homes in the USA every year. The signed agreement requires SunEdison to make investments for the project, build it, supervise its functions and maintain the power production While Duke Energy will buy the solar electricity generated from the farm for the next 20 years to augment its renewable energy resources.
William Lee, SunEdison’s Vice President of Project Finance and Corporate Development, said that since 2004 the company has installed over 340 solar power generating plants all over the world. He added that the company exploits its gained experience for completing the solar installations in time and make it an easy and affordable option for the clients as well as for the funding partners. Todd Karas Bank of America Public Capital Corp’s President, said that his company is pleased to partake in the utility level solar development and continues to build an enduring corporate association with MEMC. He added that the funding for the projects clearly indicates the commitment of the company in dealing with climate changes.