SunEdison secures $360 million to help fund Bingham Wind project

By Lisa Kerner

Charlotte, N.C., July 1 – SunEdison, Inc. secured $360 million of financing for its $420 million 185 MW Bingham Wind project in Maine.

KeyBanc Capital Markets Inc. was the joint lead arranger and KeyBank NA acted as administrative agent on the construction loan.

According to SunEdison, the wind farm is on the call right project list for TerraForm Power, Inc., which intends to acquire the asset once it becomes operational in late 2016.

The electricity generated by this wind project will be sold to Eversource, National Grid and Unitil, three local utilities in New England. The wind energy will be purchased through separate 15-year power purchase agreements, according to a news release.

SunEdison is a Belmont, Calif.-based solar technology company. TerraForm is a Bethesda, Md., company that owns and operates clean energy power plants.

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