The 3 Week Diet System

Thursday, July 2, 2015

SunEdison closes debt for Bingham Wind

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July 02:

SunEdison has closed financing for the 185MW Bingham Wind project in Maine.

The developer closed a $360 million debt package to finance the project. Key Bank was the joint lead arranger and administrative agent on the financing.

Bingham, which is expected to cost $420 million to build, will sell power to Eversource, National Grid and Unitil under 15-year power purchase agreements.

Construction on the project has begun, and operations are slated for late 2016.

First Wind, which SunEdison and its yieldco TerraForm Power bought in January 2015, developed the project. Reed & Reed is responsible for the engineering, procurement and construction. 

TerraForm Power plans to buy the project once it begins operations.


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