NADB, SunEdison close $65 million loan for 20 MW solar park in Arizona

San Antonio, May 18, 2012 — The North American Development Bank and SunEdison, a leading worldwide solar energy services provider and unit of MEMC Electronic Materials, Inc., have signed a $65 million loan agreement for the construction of a 20-MW solar park in Picture Rocks, Arizona.

In December 2011, the board of directors of NADB and the Border Environment Cooperation Commission approved certification and financing for the design, construction and operation of a photovoltaic solar energy plant, which is expected to generate sufficient electricity to supply power to about 3,500 homes.

The project will supply electricity to Tucson Electric Power, an Arizona corporation and principal subsidiary of UNS Energy Corp., through a 20-year purchase power agreement. TEP provides electric service to the Tucson metropolitan area. 

This project is part of TEP’s plan to comply with the Arizona Corporation Commission’s Renewable Energy Standard, which requires regulated electric utilities in Arizona to generate 15 percent of their energy from renewable resources by 2025.

The project will be implemented under an engineering procurement and construction contract, using MEMC crystalline silicon photovoltaic modules mounted on a single-axis tracker system that automatically follows the path of the sun during the day to maximize the solar radiation that the solar panels receive. The solar park will occupy 200-250 acres of a 305-acre lot owned by local utility Tucson Water, a department of the city of Tucson.

To date, NADB has provided about $1.35 billion in loans and grants to support the implementation of 154 environmental infrastructure projects in communities along both sides of the U.S.-Mexico border. These projects represent a total investment of $3.33 billion and are benefiting more than 13.5 million residents.

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