By Matthew Hibbard | St. Louis Business Journal
SunEdison LLC and North American Development Bank closed a $35 million loan for the construction of a 16 megawatt solar park at Davis-Monthan Air Force Base, southeast of Tucson.
The electricity produced by the plant will be purchased by the air force base under a 25-year power purchase agreement. Tucson Electric Power Co. will acquire the renewable energy credits generated by the plant pursuant to a 20-year agreement.
The project is expected to generate sufficient energy to offset about 50 percent of the base’s electrical needs in its first year of operation. The project is scheduled to come online in the fourth quarter of this year.
MEMC said on March 13 it plans to change its name to SunEdison Inc., currently the name of one of its subsidiaries.
Missouri-based MEMC (NYSE: WFR) reported a loss of $148.7 million is the fiscal year ended Dec. 31, compared to a $1.52 billion loss in fiscal 2011, reflecting ongoing challenges and volatile market dynamics in both of its business segments. MEMC reported net sales of $2.53 billion in fiscal 2012, down 7 percent from $2.72 billion is fiscal 2011.
