One clean energy company that has been showing great interest in the Indian market is SunEdison. In recent times, the company announced several deals in keeping with the Indian government’s target of 175 gigawatts of renewable energy capacity by 2022.
With the acquisition of Continuum Wind Energy, an independent power producer in India that holds a portfolio of 1 gigawatt capacity, this year the US-based clean energy company has significantly expanded its footprint in the Indian wind energy market.
Continuum’s portfolio included 145 MW of operational and 270 MW of under-contract capacity.
Earlier this year, the company also acquired 100 MW wind energy projects in India from Spain’s FersaEnergias Renovables.
Also, over the next seven years, the company plans to add 15.2 GW of renewable energy capacity — 10 GW in solar power and 5.2 GW in wind energy in India.
SunEdison has also announced expansion into markets of Brazil, China, Peru, South Africa, and Uruguay totaling 757 megawatts.
In China, the clean energy company has acquired 149 MW of wind projects. It acquired 102 MW capacity in India and 34 MW in South Africa as well.
In sum, the company which operates in utility, construction and installation, residential and small commercial, off-grid, and wind segments, has been positively tending toward growth over the past year.
One observation in favour of the growth forecast is that shares of the company have grown at the rate of 65 percent in value, although the company registered a loss in the previous quarter.
The company’s report for the first quarter of this year stated that it had the opportunity to create value of $4 trillion by 2020.
Further, it registered addition of 273 MW of total renewable energy capacity in the quarter which was 123 MW increase year on year.
SunEdison also posted 774 MW of under-construction projects at the end of the quarter.
Investments through the subsidiary TerraForm Power are also helping SunEdison grow. Recently it closed the acquisition of Atlantic Power’s 521-megawatt (MW) portfolio of operating wind power plants.
In India the company has also developed canal-top solar projects. Most recently it commissioned a 1 megawatt project in Karnataka.
Ajith Kumar S
This article is the first of a series in which Greentechlead.com will be focusing on clean energy companies.