SunEdison Wins 150MW Of Solar Projects In India

SunEdison India

SunEdison Inc. (NYSE: SUNE) announced late last week it has been awarded 5 solar PV projects totaling 150 megawatts capacity in India.

SunEdison or SunEdison affiliates will likely be the owners of the projects and will sell the electricity generated under Power Purchase Agreements (PPA’s) to various parties.

“This is yet another milestone in the journey of SunEdison in India to build a strong pipeline of projects that will be developed and commissioned in the coming years,” said Pashupathy Gopalan, president Asia Pacific Operations.

44 developers responded to Karnataka Renewable Energy Development Limited’s (KREDL’s) tender for 500 MW of grid-connected solar farms and SunEdison’s 150 MW represents the largest share awarded to a single company.

“Following SunEdison’s recent announcement of a Memorandum of Understanding (MOU) for 5 gigawatts (GW) with the Rajasthan Government, this award solidifies SunEdison’s position as the clear leader in India’s rapidly growing solar market,” said the company in a statement.

In other news from SunEdison, the company also announced last week it had secured a USD $130 million  non-recourse debt financing arrangement with CorpBanca and BBVA that will be used to fund construction of a 69.5 megawatt solar farm located in Chile.

Electricity generated by the power plant will be sold under a 20-year Power Purchase Agreement to mining company Minera Los Pelambres, a subsidiary of Antofagasta Minerals, one of the largest copper producers in the world.

“This project is further proof of the ability of solar photovoltaic energy to compete with other traditional energy sources in Chile, and demonstrates how clean energy technologies can contribute to meet the growing energy demand from the country’s mining industry,” said Jose Perez, President of SunEdison for Europe, Middle East, Africa and Latin America.

TerraForm Power, Inc. (Nasdaq:TERP), SunEdison’s yieldco, also had significant news last week. It announced¬† it will acquire 77.6 MW of solar power plants from Capital Dynamics U.S. Solar Energy Fund, L.P. ;¬† a solar-centric closed-end private equity fund.

The 39 facilities in the acquired portfolio are located in California, Massachusetts, New Jersey, New York and Pennsylvania.

“These high quality assets are expected to provide TerraForm Power with an attractive levered cash-on-cash return of approximately 9% while adding further geographic and cash flow diversification,” said Carlos Domenech , Chief Executive Officer of TerraForm Power.