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MEMC's SunEdison Closes US$314 Mln Financing For 2 South Africa Solar Projects

SunEdison, a subsidiary of MEMC Electronic Materials (WFR), said Wednesday that it has closed US$314 million, or R2.6 billion, in long-term debt and equity financing for two utility solar projects in Limpopo Province, South Africa.

Standard Bank and Futuregrowth Asset Management are the two senior debt providers supporting both projects.

The two projects total 58 megawatts MW (AC). Witkop Solar Park (30 MW AC) and Soutpan Solar Park (28 MW AC) will be the first utility scale solar projects to be implemented in Limpopo Province.

Under the terms of the financing agreement, power generated from the two facilities will be purchased by Eskom, the national utility in South Africa, through a 20-year power purchase agreement.

The Soutpan Solar Park is expected to interconnect in January of 2014, while the Witkop Solar Park is forecast to interconnect in April of 2014.

Construction of both projects is expected to begin in January 2013.

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