SunEdison, Goldman Sachs funds form $1 bln investment vehicle

West Street Infrastructure Partners III and its affiliates, managed by Goldman Sachs, will provide $300 million equity for the investment vehicle, WSIP Warehouse, SunEdison said.

A syndicate of banks including Morgan Stanley, Bank of America Corp and Deutsche Bank AG will provide commitments of $700 million debt. Of this, $500 million will be a five-year term loan and $200 million a four-year revolving credit facility.

SunEdison will have the option to expand the facility by up to $1 billion.

“The WSIP Warehouse expands our capacity beyond our existing $1.5 billion First Reserve Warehouse and the $500 million dollar TerraForm Private Warehouse,” SunEdison Chief Financial Officer Brian Wuebbels said on Monday.

TerraForm Power Inc, a unit of SunEdison, will have an exclusive call right over the warehoused assets, the company said.

SunEdison agreed in July to buy Vivint Solar Inc, the second-biggest U.S. solar panel installer, in a deal valued at about $2.2 billion to speed up its expansion in the booming residential solar market.

Up to Monday’s close of $14.68, SunEdison’s shares had fallen about 25 percent this year.

(Reporting by Anet Josline Pinto in Bengaluru)