SunEdison Inc. has closed an approximately $146 million USD non-recourse debt financing arrangement with the International Finance Corporation (IFC), the Central American Bank for Economic Integration (CABEI) and the OPEC Fund for International Development (OFID).
The debt proceeds will be used to fund construction of three solar photovoltaic power plants totaling 81.7 megawatts in the Republic of Honduras. This will be one of the first large scale grid-connected solar projects in the country, and diversifies the energy mix in Honduras while providing clean, renewable energy. In early 2014 the Government of Honduras awarded contracts for nearly 600 megawatts of solar power; SunEdison received the largest award totaling 81.7 megawatts.
SunEdison's 81.7 megawatt development will be comprised of three solar plants -- Pacifico (23.3 megawatts), Choluteca I (23.3 megawatts) and Choluteca II (35.1 megawatts). These solar plants will provide energy to the national grid under 20-year power purchase agreements with ENEE, the state-owned electricity generation, transmission and distribution company.