Greenbang logo

SunEdison lands $161 million from VCs, Duke deal

By jumperhead on Thursday, 29th May 2008

solar-panel1.jpgLast week, solar company SunEdison put out a press release informing us that utility Duke Energy had signed a deal with it “to harness the power of the sun”. Greenbang was seriously impressed at the language used. Rather than simply buying a load of solar energy from SunEdison, Duke Energy wants to “harness the power of the sun”.

Has the ring of the super villain about it, doesn’t it? You know, harnessing the power of the sun to build solar weapons, capable of reducing entire continents to smoking rubble with the flick of a switch. Indeed, a quick Google search reveals villains as diverse as Bond nemisis Scaramanga and Doctor Octopus have attempted to “harness the power of the sun”.

(Note: Greenbang isn’t suggesting Duke Energy is in fact a supervillain intent on world domination using solar weapons. It’s more just buying the entire output -12MW – of solar energy from SunEdison’s Davidson County solar farm.)

Nevertheless, all this language is obviously exciting investors. This week saw another press release, disappointingly free of superhero allusions – or details for that matter.

For your SunEdification, Greenbang will reprint it here:

SunEdison, North America’s largest solar energy services provider, today announced that it has closed $131 million of private equity and $30 million of debt financing with new and existing investors over the last six months. Investors include Greylock Partners; HSH Nordbank AG; Applied Ventures, LLC; Black River Commodity Clean Energy Investment Fund, a fund managed by Black River Asset Management; MissionPoint Capital Partners; and Allco Renewable Energy Limited. These financings are designated to support the operational resources of SunEdison.

Tags: , , , , ,

READERS COMMENTS - Have your say...




Please note: Comment moderation is enabled and may delay your comment. There is no need to resubmit your comment.

Additional comments powered by BackType

RELATED NEWS

LATEST HEADLINES

One peak we should bring on faster: Peak plastics thumbnail

One peak we should bring on faster: Peak plastics

While most of the peaks we see looming today — peak oil, peak
Jurdy: To the dump, to the dump, to the dump, dump, dump thumbnail

Jurdy: To the dump, to the dump, to the dump, dump, dump

Jurdy finds another tough job to fill …
Finally: A plan to make clean energy a business opportunity thumbnail

Finally: A plan to make clean energy a business opportunity

Ensuring sustainable energy and resources in the future is all about how you
Perfect technology is impossible, but keep trying anyway thumbnail

Perfect technology is impossible, but keep trying anyway

“I guess I could be pretty pissed off about
Plan for a solar future means knowing when the sun won’t shine thumbnail

Plan for a solar future means knowing when the sun won’t shine

While energy experts elsewhere are looking for answers to
Wild warming or sulphur rain? Climate ‘party planners’ can’t decide thumbnail

Wild warming or sulphur rain? Climate ‘party planners’ can’t decide

Imagine you and your office mates are trying to