SunEdison forms investment vehicle with Goldman Sachs Group fund
SunEdison has formed an investment vehicle with a Goldman Sachs Group fund, in a move to expand Goldman's portfolio of investments in solar and wind projects. The deal will also help accelerate SunEdison's efforts to expand the business globally, meet its 2016 growth guidance and provide long term scalable funding.
The world's biggest renewable-energy developer is forming an investment vehicle with a Goldman Sachs Group fund, according to a statement Monday. SunEdison shares surged after the close of regular trading in New York.

The fund will help Goldman Sachs "expand our portfolio of investments in solar and wind projects," Edward Pallesen, head of the company's infrastructure investment group, said in the statement.

Goldman Sachs is stepping up its investments in renewable energy.

The deal will accelerate SunEdison's global expansion effort, according to the developer's chief financial officer Brian Wuebbels. It adds to an existing $US1.5 billion warehouse lending fund, and a separate $US500 million fund for TerraForm Power, the SunEdison-controlled company that buys and operates power plants.

The Goldman-managed fund, West Street Infrastructure Partners III, will provide $US300 million in equity and a group of banks that includes Bank of America and Deutsche Bank will supply $US700 million in debt.