SunEdison secures $110 million for solar projects

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Solar energy services provider SunEdison has secured funds worth $110 million for solar projects in Gujarat and Rajasthan.

The entity, a part of US based MEMC Electronic Materials, would utilise these funds for construction of several fully contracted solar projects with an expected capacity of 50 MW.

“The funding, worth an estimated $110 million was secured by SunEdison from Overseas Private Investment Corporation (OPIC), L&T Infrastructure Finance Company Ltd and Infrastructure Development Finance Company Ltd (IDFC),” SunEdison said in a statement recently.

Once operational, these solar projects, under construction, would generate over 84,000 MW hours of clean renewable energy in the first year of operation, it added.

According to the statement, SunEdison has arranged more than $2.5 billion in project financing and have deployed or managed over 500 power plants worldwide.

“We are proud of our robust history of financing solar photovoltaic projects with strong long-term returns for investors in many countries and now in India,” SunEdison managing director (South Asia and Sub-Saharan Africa) Pashupathy Gopalan said.

SunEdison develops, finances, installs and operates distributed power plants using photo-voltaic technologies.

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