SunEdison closes $65M loan for Arizona solar park
SunEdison and North American Development Bank (NADB) have signed a $65 million loan agreement for the construction of a 20-megawatt solar park in Picture Rocks, Ariz.
SunEdison, a subsidiary of MEMC Electronic Materials Inc. and North American Development Bank, have signed a $65 million loan agreement for the construction of a 20-megawatt solar park in Picture Rocks, Ariz.
The solar power plant, which received certification and financing from NADB’s board in December, is expected to generate power to approximately 3,500 homes. The project will supply power to Tucson Electric Power through a 20-year purchase agreement. The new development complies with the Arizona Corporation Commission's Renewable Energy Standard, which requires regulated electric utilities in Arizona to generate 15 percent of their energy from renewable resources by 2025.
“We are very pleased to sign this loan with SunEdison, a company with a well-established presence in the solar energy sector. NADB works to provide affordable long-term financing for projects in the U.S.-Mexico border region that yield environmental and economic benefits for the citizens of the region.” NADB Managing Director Geronimo Gutierrez said in a statement.
The solar park will occupy 200 to 250 acres of a 305-acre lot owned by Tucson Water, a department of the city of Tucson. The new alternative energy facility is expected to eliminate more than 35,000 metric tons of carbon dioxide, 125 metric tons of nitrogen oxides and 200 metric tons of sulfur dioxide per year.
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