SunEdison secures financing for beachhead in China

Share

SunEdison is partnering with JIC Capital on a joint venture agreement to facilitate nonrecourse financing to develop, construct and own up to 1 GW of utility-scale solar PV projects in China over the next three years.

SunEdison will be able to purchase the projects developed by the joint venture at fair market value, the company said.

"This historic joint venture is a great step forward for SunEdison," said Ahmad Chatila, president and CEO of SunEdison.

JIC Capital Chairman Jian Ping Zhang added that capital contributions would accelerate the growth of the solar market in China, stressing that the country’s PV industry required “international know-how to improve. We see this collaboration brings opportunities to combine capital and industry, to form a focused industrial investment platform for long-term operations."

China has approximately 19 GW of installed solar energy capacity, with a target to reach 35 GW by 2015 and 100 GW by 2020. The joint venture is currently exploring and evaluating several large-scale projects and expects to start construction in early 2015. Operation and maintenance of the solar power plants will be performed by the SunEdison Renewable Operation Center (ROC), which provides global 24/7 asset management, monitoring and reporting services.