SunEdison Obtains Funding for 60-MW Boshof Solar Park in South Africa

SunEdison, through its South African affiliate, (collectively SunEdison) secured US$185 million (R1.8 billion) in foreign debt funding from the Overseas Private Investment Corporation (OPIC). This amounts to 75 percent of the project cost for the Boshof Solar Park Project (Boshof), located in South Africa's Free State province near Kimberley. Electricity generated by Boshof, with an installed capacity of 60 MW AC, will feed into the South African grid, under the terms of a 20-year power purchase and implementation agreement signed with national power utility Eskom and the Department of Energy. The plant is scheduled to begin generating electricity in the fourth quarter of 2014. SunEdison will maintain a 51 percent ownership stake in the project, with South African companies holding the remaining 49 percent.