SunEdison, JIC Capital goes for joint venture to enter Chinese solar market

Pashupathy Gopalan President, SunEdison, Asia Pacific, GCC and South Africa

SunEdison has announced a joint venture agreement with JIC Capital, to promote nonrecourse financing and develop, construct and own up to 1 GW of utility-scale solar photovoltaic projects in China over the next 3 years.

This joint venture will focus on creating nonrecourse financing for solar PV plants in one of the world’s largest solar markets.

Currently, the joint venture is exploring and evaluating several large-scale projects and expects to start construction in early 2015.

SunEdison, including a yieldco, will purchase the projects developed from this joint venture at a reasonable price either directly or through an affiliate.

Pashupathy Gopalan President, SunEdison, Asia Pacific, GCC and South Africa

This historic joint venture is a great step forward for SunEdison. It is a great honor to partner with a leader like JIC Capital, and company wants to harness the world leading technology and deployment capabilities to deliver clean, cost effective solar energy to the people of China, said, Ahmad Chatila, president, CEO, SunEdison.

Capital contributions will accelerate the growth of the solar market in China, and China’s solar PV industry requires international know-how to improve. This collaboration brings opportunities to combine capital and industry, to form a focused industrial investment platform for long-term operations, said, JianPing ZHANG, chairman, JIC Capital.

Last month, SunEdison and TerraForm Power have announced the interconnection of two large-scale solar projects totaling 50 MW DC in the UK.

These projects will be owned by TerraForm Power completely by the end of 2014, and SunEdison will continue with the management part.

China has approximately 19 GW of installed solar energy capacity, with a target to reach 35 GW by 2015 and 100 GW by 2020.

Rajani Baburajan
[email protected]