MARYLAND HEIGHTS, Mo.,
Aug. 17, 2015 /PRNewswire/
-- SunEdison, Inc. (NYSE: SUNE), the world's largest renewable
energy development company, and West Street Infrastructure Partners
III ("WSIP") and affiliates, today announced the formation of a new
$1 billion warehouse investment
vehicle, the WSIP Warehouse, to fund construction costs and to
acquire operating assets. TerraForm Power, Inc. (Nasdaq: TERP), a
global owner and operator of clean energy power plants, will have
an exclusive call right over the warehoused assets.
The WSIP Warehouse is a $1 billion
investment vehicle with $300 million
equity committed, subject to certain conditions, by WSIP, the
infrastructure fund managed by Goldman Sachs. The debt structuring
will be led by Morgan Stanley, Bank of America and Deutsche Bank
and will provide commitments for $700
million of debt in the form of a $500
million, five-year term loan and a $200 million, four-year revolving credit
facility. SunEdison has the option to expand the facility by
up to $1 billion to a total of
$2 billion, subject to certain
conditions.
"SunEdison's new $1 billion
warehouse provides incremental capacity for SunEdison to construct
and hold assets in advance of drop down to TerraForm Power," stated
Brian Wuebbels, SunEdison chief
financial officer. "The WSIP Warehouse expands our capacity beyond
our existing $1.5 billion First
Reserve Warehouse and the $500 million
dollar TerraForm Private Warehouse. Our new warehouse
supports SunEdison's 2016 guidance for growth, reinforces the depth
of demand for investor participation in SunEdison's warehouse
platform and provides repeatable and scalable funding for the
future."
"We are excited to partner with SunEdison as we seek to expand
our portfolio of investments in solar and wind projects," said
Edward Pallesen, head of the
Infrastructure Investment Group for the Americas within the
Merchant Banking Division at Goldman Sachs. "SunEdison and
TerraForm Power have a proven track record of delivering high
quality renewable energy projects, and we are pleased to be able to
support their future growth initiatives."
The decision to add additional warehouse capacity was completed
following an analysis by SunEdison of its financing requirements
through 2016 and after exploring alternative debt and equity
transactions. SunEdison continues to explore financing
alternatives, including upsizing its existing warehouse facilities
and adding new warehouse facilities. Completion of the formation of
the WSIP Warehouse and the financial close of the related debt
facilities are subject to customary conditions and are expected to
occur by Oct. 31, 2015.
About SunEdison
SunEdison is the world's largest renewable energy development
company and is transforming the way energy is generated,
distributed, and owned around the globe. The company develops,
finances, installs, owns and operates renewable power plants,
delivering predictably priced electricity to its residential,
commercial, government and utility customers. SunEdison is one of
the world's largest renewable energy asset managers and provides
customers with asset management, operations and maintenance,
monitoring and reporting services. Corporate headquarters are in
the United States with additional
offices and technology manufacturing around the world. SunEdison's
common stock is listed on the New York Stock Exchange under the
symbol "SUNE." To learn more visit www.sunedison.com.
About West Street Infrastructure Partners
West Street Infrastructure Partners III, L.P. ("WSIP") is an
infrastructure investment fund managed by the Merchant Banking
Division of Goldman Sachs. WSIP, together with its
predecessor funds GS Infrastructure Partners I & II, are the
principal investment vehicles managed by Goldman Sachs that make
direct investments in infrastructure assets and
infrastructure-related companies. The primary focus of the funds is
on investment opportunities in the transportation, utilities and
energy sectors. Goldman Sachs is a leading global investment
banking, securities and investment management firm. Founded in
1869, the firm is headquartered in New
York and maintains offices in other major financial centers
around the world. Goldman Sachs is one of the largest
infrastructure fund managers globally, having raised over
$11 billion of capital since the
inception of the business in 2006.
Safe Harbor Disclosure
This release contains "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. Such forward-looking
statements are subject to certain risks, uncertainties and
assumptions, including with respect to the completion of the
formation of the warehouse and closing of the related debt
financings, future growth and financial performance, and typically
can be identified by the use of words such as "expect," "estimate,"
"anticipate," "forecast," "intend," "project," "target," "plan,"
"believe" and similar terms and expressions. Forward-looking
statements are based on current expectations and assumptions.
Although SunEdison and West Street Infrastructure Partners III
believe that their expectations and assumptions are reasonable,
they can give no assurance that these expectations and assumptions
will prove to have been correct, and actual results may vary
materially. Factors that could cause actual results to differ
materially from those set forth in the forward-looking statements
include, among others: the failure of counterparties to fulfill
their obligations under offtake agreements; price fluctuations,
termination provisions and buyout provisions in offtake agreements;
delays or unexpected costs during the completion of projects under
construction; government regulation; operating and financial
restrictions under agreements governing indebtedness; SunEdison's
ability to borrow additional funds and access capital markets;
SunEdison's ability to compete against traditional and renewable
energy companies; and hazards customary to the power production
industry and power generation operations, such as unusual weather
conditions and outages.
SunEdison and West Street Infrastructure Partners III undertake
no obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
The foregoing review of factors that could cause SunEdison's actual
results to differ materially from those contemplated in the
forward-looking statements included in this news release should be
considered in connection with information regarding risks and
uncertainties that may affect future results included in the
company's filings with the Securities and Exchange Commission
("SEC") at www.sec.gov. In addition, SunEdison makes available free
of charge at www.sunedison.com copies of materials it files with,
or furnishes to, the SEC.
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SOURCE SunEdison, Inc.