SunEdison has formed a joint venture (JV) with Spanish wind farm developer Gamesa for the development of up to 1GW of wind energy projects across the world by 2018.
Both the companies will own 50% of the stake each in the JV to co-develop wind projects, especially in Mexico and India.
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Gamesa has been given the responsibility to supply the wind turbines, and will be providing engineering, procurement, and construction services for the projects.
Gamesa will also operate and maintain the wind power plants as part of long-term O&M agreements.
During the development phase, both the companies will share the ownership of the projects.
However, upon completion of the projects, SunEdison will acquire the projects from the JV, and the company is also planning to buy additional wind turbines from Gamesa, depending upon the development volume targets achieved by the JV.
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By GlobalDataSunEdison EMEA executive vice president Paul Gaynor said: "This agreement will accelerate SunEdison’s drive to respond to rapid growth in global wind markets.
"By partnering with Gamesa, one of the world’s leading wind technology and development companies, we’re particularly well positioned to capture the opportunity in India and Mexico, two regions where we already have a strong solar presence."
Gamesa chief executive officer Xabier Etxeberria said: "This alliance with SunEdison falls under the umbrella of our new Technology Development Programme, within the 2015-2017 Business Plan, and will enable Gamesa to make the most of its technical and management experience, further reinforcing our position as a leading developer.
"The combination of both companies’ strengths would also unlock synergies and maximise project returns.
Gamesa corporate development managing director David Mesonero said: "This agreement evidences Gamesa’s ability to come up with flexible collaboration and joint investment alternatives with very limited funding requirements."
