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Sun Edison (±10 MW Solar PV)

Background

Merits:

• Growing sub sector of the solar PV market was without a clear industry leader

• Aggressive business plan bolstered by blue chip clients

Challenges:

• Limited balance sheet

• Complex tax structures and subsidy parameters

Marathon Process

• We represented Sun Edison as its Exclusive Financial Advisor/Investment Banker.

• We advised Sun Edison in obtaining off-take agreements that are bankable.

• We built a financial structure that optimized returns given tax credits, accelerated MARCS depreciation and subsidy parameters.

• We received multiple bona fide offers from top-tier strategic and financial buyers.

• We evaluated various tax-equity structures, including lease, put-call option, partnership structures.

• We sourced construction loan, term loan and tax equity investors from a select group of pre screened candidates.

• We managed due diligence and negotiation process.

Outcome

• Raised $60MM in construction & term loan and tax equity to finance 25 solar PV installations totaling ±10MW

• Sun Edison is now North America's largest solar energy service provider