First Reserve Corporation, the world’s leading private equity firm in the energy industry, today announced that it has entered into a euro 276 million project financing facilities agreement for the Rovigo solar plant in Northeast Italy. First Reserve acquired the 70 megawatt (MW) photovoltaic (PV) power plant from Sun Edison LLC, a division of MEMC Electronic Materials, Inc. (NYSE: WFR), in September 2010, which when completed later this year is expected to be the largest operating solar power plant in Europe.
The lenders participating with First Reserve on the financing agreement include Banco Santander, Unicredit Corporate Banking, Credit Agricole, Dexia Crediop, Natixis and Societe Generale.
The Rovigo plant was acquired by First Reserve, through the previously announced joint venture established between First Reserve Energy and SunEdison, which is a minority investor in the joint venture. Investment programs managed or advised by Partners Group AG and Perennius Capital Partners SGR are expected to also invest in the project with the First Reserve joint venture.
First Reserve was advised by Ashurst LLP, SunEdison was advised by Studio Carnelutti and the lenders were advised by Gianni, Origoni, Grippo & Partners.
About First Reserve
First Reserve is the world’s leading private equity firm in the energy industry, making both private equity and infrastructure investments throughout the energy value chain. For more than 25 years, it has invested solely in the global energy industry, and has developed an unparalleled franchise, utilizing its broad base of specialized energy industry knowledge as a competitive advantage. First Reserve invests strategically across a wide range of energy industry sectors, developing a portfolio that is diversified across the energy value chain, backing talented management teams and building value by building companies. Further information is available at www.firstreserve.com
About SunEdison
SunEdison is a global provider of solar-energy services. The company develops, finances, installs and operates distributed power plants using proven photovoltaic technologies, delivering fully managed, predictably priced solar energy services for its commercial, government and utility customers. In 2009, SunEdison delivered more kilowatt hours (kWh) of energy than any other solar services provider in North America. For more information about SunEdison, please visit www.sunedison.com
About MEMC
MEMC is a global leader in the manufacture and sale of wafers and related intermediate products to the semiconductor and solar industries. MEMC has been a pioneer in the design and development of wafer technologies over the past 50 years. With R&D and manufacturing facilities in the U.S., Europe and Asia, MEMC enables the next generation of high performance semiconductor devices and solar cells. With the acquisition of SunEdison, MEMC is now a developer of solar power projects and North America’s largest solar energy services provider. MEMC’s common stock is listed on the New York Stock Exchange under the symbol “WFR” and is included in the S&P 500 Index. For more information about MEMC, please visit www.memc.com
About the First Reserve Joint Venture
In May 2010, First Reserve and SunEdison announced the creation of a joint venture for the acquisition of SunEdison’s photovoltaic projects. This partnership is the largest investment vehicle to exclusively fund photovoltaic solar power created to date, with the prospect of long-term ownership of the assets across several key geographies.
About Partners Group AG
Partners Group is a global private markets investment management firm with over EUR 20 billion in investment programs under management in private equity, private debt, private real estate and private infrastructure. The firm manages a broad range of funds and customized portfolios for an international clientele of institutional investors. Partners Group is headquartered in Zug, Switzerland and has offices in San Francisco, New York, London, Guernsey, Luxembourg, Dubai, Singapore, Beijing, Tokyo and Sydney. The firm employs over 400 people, is listed on the SIX Swiss Exchange (symbol: PGHN) with a market capitalization of above CHF 4.5 billion with a clear majority owned by its 36 Partners and all employees.
About Perennius Capital Partners SGR
Perennius Capital Partners SGR was founded in 2007 and is based in Milan, Italy. It is a principal investment firm specialized in private markets, which structures, promotes and manages investment programmes focused on global Private Equity. Perennius funds are subject to Italian jurisdiction, and are under the regulatory supervision of Bank of Italy and Consob. It is the first exclusive partnership between one of the global players in the industry (Partners Group, also a shareholder of Perennius) and an Italian company. It is the first Italian fund manager with a global approach, offering highly segmented products on multiple dimensions.
For media inquiries, please contact:
First Reserve:
Caroline Harris
CJP Communications
Tel: +1 212-279-3115; ext. 222
Email: charris@cjpcom.com
Michael Henman
Cubitt Consulting
Tel: +44 (0)20 7367 5106
Email: michael.henman@cubitt.com
SunEdison:
Virginia Amador
Tel: + 34 – 915 242 670
Email: vamador@sunedison.com
