Bigger Still: SunEdison, Goldman Sachs Affiliate In $1 Billion Deal

Posted by NAW Staff on August 18, 2015 No Comments
Categories : New & Noteworthy

The world's largest renewable energy developer is about to get bigger. That's because SunEdison is getting $1 billion in cash and loans to build and buy more wind and solar projects through an investment vehicle managed by a Goldman Sachs affiliate.

West Street Infrastructure Partners (WSIP) III, a fund managed by Goldman Sachs, will provide $300 million in equity, and a group of banks that includes Bank of America Corp. and Deutsche Bank AG will supply $700 million in debt.

The deal will fuel SunEdison's global expansion effort, according to Brian Wuebbels, SunEdison's chief financial officer. It adds to an existing $1.5 billion warehouse lending fund and a separate $500 million fund for TerraForm Power Inc., SunEdison's affiliate that buys and operates wind and solar projects.

The new fund will help SunEdison meet its 2016 growth guidance and provide ‘repeatable and scalable funding for the future,’ says Wuebbels.Â

The WSIP Warehouse fund is expected to be formed by the end of October. TerraForm will have the right to purchase the power plants that are developed through the new fund, notes SunEdison.

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