SunEdison, Goldman Sachs Fund To Form $1 Bln Warehouse Investment Vehicle

(RTTNews) - Solar company SunEdison, Inc. (SUNE) and West Street Infrastructure Partners III and affiliates, on Monday announced the formation of a new $1 billion warehouse investment vehicle, the WSIP Warehouse, to fund construction costs and to acquire operating assets.

TerraForm Power, Inc. (TERP) will have an exclusive call right over the warehoused assets.

The WSIP Warehouse is a $1 billion investment vehicle with $300 million equity committed by West Street Infrastructure Partners III, the infrastructure fund managed by Goldman Sachs Group, Inc. (GS).

The debt structuring will be led by Morgan Stanley, Bank of America and Deutsche Bank and will provide commitments for $700 million of debt in the form of a $500 million, five-year term loan and a $200 million, four-year revolving credit facility. SunEdison has the option to expand the facility by up to $1 billion to a total of $2 billion.

Completion of the formation of the WSIP Warehouse and the financial close of the related debt facilities are expected to occur by October 31.