IFC provided €46.1 million and mobilized an additional €41.1 million from UniCredit through a syndication loan, while OPIC provided a $50 million parallel loan. UniCredit Bulbank acted as the Bulgarian local bank and provided a local currency VAT facility worth approximately €30 million (58.7 million Bulgarian lev). The total value of the debt for this transaction is approximately €155 million.
Construction of the 60.4 MWp/50 MWac plant began in September 2011, and it was interconnected in March 2012. Located in Karadzhalovo - a village in the municipality of Parvomay, about 160 km southeast of the capital city Sofia - the project covers an area of 100 hectares (equivalent to 100 football fields) and uses more than 214,000 solar modules. In the first full year of operation, the system is expected to generate sufficient energy to power 27,000 homes and avoid 37,400 tons of carbon dioxide - the equivalent of removing more than 7,000 cars from the road.
Commenting on the agreement, Pancho Perez, General Manager of SunEdison for Europe, Middle East, North Africa and Latin America, said: "We are very pleased to collaborate with IFC, OPIC and UniCredit in this transaction. This project is a perfect example of how the combination of state-of-the-art technology and SunEdison's successful track record in the construction, operation and maintenance of solar power plants creates sound investment opportunities for our financing partners." He continued, "Our long-term commitment to solar projects and our relentless focus on energy production optimization are both key attributes that lead our financing partners to trust in SunEdison."
"IFC's support for renewable energy is an important part of our work to address climate change. The investment in Karadzhalavo is our largest single solar financing to date and the fact that it was completed in just four months is a testament to the strong working relationship among the banks and SunEdison," added Tomasz Telma, IFC Director for Europe and Central Asia.
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