SunEdison, the solar energy company, has secured a US$150mn revolving credit facility (RCF).

The company will use the finance for the acquisition and development of solar projects, and is the first two tranches that will eventually total US$300mn.

The RCF was arranged and funded by Deutsche Bank and will be used for projects in the US and Canada. Deutsche is currently seeking additional lenders for the second tranche, which will see the facility doubled.

“We’re pleased to strengthen our relationship with Deutsche Bank,” says Ryan Bennett, vice-president of project finance, North America, SunEdison. “This facility continues our successful utilisation of the prior revolvers and generates significant project capital needed for our ongoing growth, thereby enhancing our corporate balance sheet. Deutsche Bank has been a terrific partner for us and we look forward to putting this facility to work as we expand throughout Canada and the United States.”