SunEdison, Inc. (NYSE: SUNE) has announced a joint venture agreement with JIC Capital that will result in the development of up to 1 GW of utility-scale solar PV projects in China over the next 3 years.
The joint venture will involve coordinating nonrecourse financing for the solar farms and SunEdison may directly or indirectly purchase the facilities at fair market value.
“This historic joint venture is a great step forward for SunEdison,” said Ahmad Chatila, President and CEO of SunEdison. “It is a great honor to partner with a leader like JIC Capital, and we are committed to harnessing our world leading technology and deployment capabilities to deliver clean, cost effective solar energy to the people of China.”
Construction is expected to start early next year.
Operation and maintenance of the solar power stations will be handled by the SunEdison Renewable Operation Center (ROC).
SunEdison’s ROC recently passed an important milestone – 3 gigawatts of solar photovoltaic capacity globally. ROC operations are managed from Belmont (California), Chennai (India) and Madrid (Spain).
SunEdison Global Services uses high-tech monitoring hardware and software tools to remotely detect issues in system performance and to determine appropriate action. While many issues can be resolved remotely, 190 technicians located on 6 continents are available to travel to facilities to provide on-site expertise.
“We take the responsibility of ensuring plant performance and revenue management very seriously and are honored that so many customers choose to work with us,” said Mark McLanahan, president, Global Services, SunEdison.
In other recent SunEdison news, President and CEO Ahmad Chatila has received the Global New Energy Business Leader award from the China Institute of Energy Economics and China Energy News.
Mr. Chatila transformed SunEdison from a semiconductor manufacturer to a global leader in the solar sector.
“I’m honored to receive this award on behalf of all of the employees of SunEdison,” said Mr. Chatila. “It is their dedication and innovation that has created our success and that inspires me every day.”