MEMC Karadzhalovo Solar Plant

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ZBE Partners, the project company, subsidiary of SunEdison, itself subsidiary of MEMC Electronic Materials, developed the 60.4MW Karadzhalovo solar plant, municipality of Parvomay, Plovdiv District. The project was to consist of 42 PV blocks with 214,000 PV panels, 42 inverters, a local 20/110kV substation, and a 7.5km 110kV underground transmission line connecting to Borisovgrad substation. Output was to be sold to Natsionalna Elektricheska Kompania EAD (“NEK”), the national electricity company, under a 20 year PPA with a feed-in tariff which was expected to be BGN 485.6/MWh (EUR248.3/MWh). The EPC contractor of the project was Sienit Holding, also reported is SunEdison Spain Construction. Technical advisor to the lender was Fichtner GmbH. The project was located on 100 hectares, previously owned by Parvomay Municipality. Construction started in September 2011, commissioning is expected for spring 2012. Construction lasted 4 months. In June 2012, the project was sold to ACF Renewable Energy (Malta), for the price of BGN 350 million, equal to the construction price. It is also reported to be a consortium consisting of First Reserve Energy Infrastructure Fund, Crescent Capital (Turkey), and ACWA Power (Saudi Arabia). Other sources report ACF Renewables is owned by US, Sri Lankan, Indian and Pakistani investors. The The project reached financial closure on 30 March 2012 with the IFC. The IFC provided an A loan of EUR46.1 million, and a B loan of EUR41.1 million by UniCredit Bank Austria AG. OPIC provided EUR 50 million. The loans had a tenor of 16 years. UniCredit Bulbank Bulgaria provided EUR 30 million, as a 2 year VAT facility. Total project cost was estimated at EUR 181.4 million. Legal advisor to the lender was Allen & Overy, and Spasov & Bratanov. Legal advisor to the sponsor was Linklaters. http://www.solarbuzz.com/industry-news/sunedison-secures-financing-pv-system-bulgaria