SunEdison has signed memorandum of understanding (MoU) with the Government of Karanataka, a southern state of India, to build 5GW of renewable energy projects over the next five years
As per the agreement, SunEdison will provide technology, development and financing expertise to build a combination of solar photovoltaic (PV) and wind energy power plants in the state.
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The agreement also includes an immediate plan to build 1GW to 1.5GW of projects by the end of 2016.
Power generated from the projects will be sold to local distribution and utility firms.
According to the terms of the deal, the state government will work with SunEdison to identify public land for the projects and to enable grid connection.
SunEdison Asia-Pacific president Pashupathy Gopalan said: "Karnataka’s comprehensive energy policy paves the way for socially and environmentally responsible economic growth and prosperity by addressing the energy needs of utility customers, distributed generation customers, and farmers who can benefit from solar water pumps for irrigation."
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataIn October 2014, SunEdison secured five solar PV projects, totaling 150MW, from the state’s Renewable Energy Development Limited.
Recently, the company also announced plans to invest about $4bn in constructing a solar panel manufacturing plant in the state of Gujarat.
SunEdison and Adani Enterprises will form a joint venture to build the plant in Mundra, located about 50km from Anjar town in Kutch district.
