SunEdison announces JV with Dominion for 320 MW solar project in Utah
SunEdision has signed a JV with Dominion to develop the 320 MW Four Brothers solar project in Utah, which will be online mid-2016. Dominion will invest around $500m to acquire 50% of the cash equity and 99% of the tax equity in the project, including funding the construction.
Industry News SunEdison Announces JV with Dominion for 320-MW Solar Project in Utah LCG, August 14, 2015-SunEdison, Inc. announced Wednesday that they have executed a definitive agreement with Dominion to create a joint venture (JV) for a 320 MW AC (420 MW DC) solar project in Utah. The Four Brothers solar project, developed by SunEdison, is now under construction and is expected to achieve commercial operation in mid-2016.



The JV agreement calls for Dominion to invest approximately $500 million to acquire 50 percent of the cash equity and 99 percent of the tax equity in Four Brothers, including funding of construction. SunEdison will contribute the remaining portion of the capital required to complete the project, which it has fully financed through a $150 million four-year term loan with Deutsche Bank. The total $650 million financing package fully funds the project for completion and long-term ownership.



The power generated by the Four Brothers solar project is contracted under 20-year power purchase agreements (PPAs) with PacifiCorp, a subsidiary of Berkshire Hathaway Energy.



SunEdison's 50 percent interest in the Four Brothers project is on the Call Right Projects List for TerraForm Power, SunEdison's yieldco subsidiary.



The executive vice president of SunEdison EMEA & Americas stated, "We are very pleased to establish a great strategic partnership with Dominion, one of the nation's largest and most innovative producers of energy in jointly owning the Four Brother project. From a financial perspective, the Dominion partnership demonstrates the quality of our project and provides SunEdison and TerraForm Power with a complete solution for the construction and permanent financing of this 420 MW solar facility. This solar project will also bring clean, affordable electricity to Utah residents and businesses while providing attractive returns for its owners. This partnership represents a major investment in the Utah economy, and creates both local jobs and steady income for the state from property and other taxes." Print Top