Together with Sol Systems, SunEdison has partnered with Nationwide Mutual Insurance Company and the National Bank of Arizona to create a $50m fund for constructing new solar power plants.
Sol Systems has advised Nationwide Mutual Insurance on the acquisition of the equity in the transaction.
SunEdison secured long-term debt for the projects from the National Bank of Arizona.
Meanwhile, the projects will produce local construction jobs that contribute to the local economy and tax base.
SunEdison Capital president Carlos Domenech said, "Financing is a critical element of any solar project, and having partners who are willing to innovate with us is critical to our growth.
"We will continue to innovate to help SunEdison’s shareholders and finance partners extract more value from our projects and create new opportunities to finance and build distributed generation solar power plants."
According to SunEdison, the collaborative investment comprises of tax equity transaction and will enable the state in reducing energy costs.
"This technology is critical to our nation’s energy future and we are proud to work with an investment leader like Nationwide Mutual and a solar leader like SunEdison," Sol Systems CEO of Yuri Horwitz said.
Image: SunEdison seures $50m funding for solar projects in California. Photo: Courtesy of maya picture/ FreeDigitalPhotos.net.
