SunEdison:Google To Provide $145 Mln In Equity Financing For Regulus Solar Plant

(RTTNews) - SunEdison Inc. (SUNE), a global solar technology manufacturer and provider of solar energy services, announced that Google Inc. (GOOG) has agreed to provide $145 million in equity financing for the Regulus solar plant.

When completed, the Regulus solar project will be SunEdison's largest developed and constructed project in North America. Located in Kern County, Calif., the Regulus plant will begin operation later this year, and will supply power to Southern California Edison through a 20-year power purchase agreement.

SunEdison developed, designed, executed the structured financing and is constructing the Regulus project, which was contributed to TerraForm Power and represents 10% of the 808 MW DC in the initial TerraForm portfolio.

The company said that the 737-acre 82 MW DC solar photovoltaic or PV power plant is in construction on an abandoned gas and oil field, and will be comprised of over 248,000 SunEdison mono-crystalline solar PV modules.

Once operational, Regulus is expected to produce enough energy to completely power over 10,000 homes, with CO2 reductions equivalent to not burning 125 million pounds of coal annually.

Google has signed agreements to fund over $1.5 billion in renewable energy investments across three continents with a total planned capacity of more than 2.5 GW (gigawatts).