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SunEdison announces new $1 billion warehouse investment vehicle with West Street Infrastructure
By Lisa Kerner
Charlotte, N.C., Aug. 17 – SunEdison, Inc. and West Street Infrastructure Partners III and affiliates formed a new $1 billion warehouse investment vehicle, the WSIP Warehouse, to fund construction costs and to acquire operating assets.
The warehouse and financial close of the related debt facilities are expected to occur by Oct. 31.
TerraForm Power, Inc. will have an exclusive call right over the warehoused assets, according to a news release.
The WSIP Warehouse has $300 million equity committed, subject to certain conditions, by WSIP, the infrastructure fund managed by Goldman Sachs.
The $700 million of debt commitments will be provided by a syndicate of banks including Bank of America, NA, Morgan Stanley Senior Funding, Inc. and Deutsche Bank AG, New York Branch.
The debt will be 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.
“SunEdison’s new $1 billion warehouse provides incremental capacity for SunEdison to construct and hold assets in advance of drop down to TerraForm Power,” said Brian Wuebbels, SunEdison chief financial officer.
The WSIP Warehouse expands SunEdison’s capacity beyond its existing $1.5 billion First Reserve Warehouse and the $500 million dollar TerraForm Private Warehouse, the release said.
SunEdison said it decided to add additional warehouse capacity following an analysis of the company’s financing requirements through 2016 and after exploring alternative debt and equity transactions.
The company continues to explore financing alternatives, including upsizing its existing warehouse facilities and adding new warehouse facilities.
West Street Infrastructure Partners III, LP is an infrastructure investment fund managed by the Merchant Banking Division of Goldman Sachs.
SunEdison is a Belmont, Calif.-based solar technology company. TerraForm is a Bethesda, Md.-based renewable energy company.
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