US-based renewable energy development company SunEdison has entered into a partnership with JPMorgan Asset Management-Infrastructure Investments to fund renewable energy projects in both operating and construction stages.

Under terms of the deal, JPMorgan’s clients will provide equity to purchase renewable energy projects developed or purchased by SunEdison with the additional costs funded through traditional, non-recourse commercial bank debt and tax equity.

This partnership will be majority owned by JPMorgan’s clients, and may be expanded with the agreement of both partners.

Initially, the partnership is expected to fund the purchase of a 33% interest, valued at $300m, in a 425MW AC portfolio of solar assets owned by Dominion.

Additionally, the returns from the partnership will provide for payment of an agreed upfront development margin.

The deal as well as the financial close of the related project-finance debt facility is subject to regulatory approvals.

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The partnership is expected to create additional asset storage capacity for SunEdison projects that are currently being operated, in addition to the ones under construction.

Further, the partnership is expected to facilitate JPMorgan’s clients to deploy capital into high-quality renewable energy projects.

Dominion has invested approximately $830m to acquire 50% cash equity and 99% tax equity interest in SunEdison’s Four Brothers and Three Cedars solar projects in Utah which total 685MW DC, said the company.

KeyBanc Capital Markets served as an advisor to SunEdison on the strategic partnership with JPMorgan Asset Management – Global Real Assets.