JPM Capital Corporation will invest up to $75 million in a $175 million solar energy development fund by SunEdison. TerraForm Power will also invest $100 million in the fund.
The fund is aimed to purchase up to 60 MW of solar PV projects that SunEdison plans to develop and construct in 2014 and 2015.
SunEdison says his funding enables it to continue to offer advantageous pricing and financing to customers, and grows TerraForm Power's already robust project pipeline.
"Putting together a fund with an investment commitment from JPM Capital, one of the world's leading tax equity investors in renewable energy projects, is an important milestone not only for our company, but for the solar industry as a whole," said Ryan Bennett, vice-president of project finance, North America at SunEdison. "This is one of the largest funds of its kind in 2014, and it puts SunEdison and Terraform Power in an ideal position to rapidly grow and expand the solar energy market, all while offering excellent pricing and financing to our customers."
"This fund enables TerraForm Power to make substantial acquisitions that strengthen our position as a leader in the highly fragmented solar energy market," said Carlos Domenech, president and chief executive officer of TerraForm Power. "Our partnership with SunEdison together with JPM Capital's investment commitment positions TerraForm Power to continue our expansion in this fast-growing, high-margin segment."