SunEdison raises $110 m to fund solar projects in India

Our Bureau Chennai | Updated on November 18, 2011 Published on November 18, 2011

SunEdison, a US-based solar power developer and an active player in India too, has announced that it has raised $110 million in debt to fund its several ongoing projects in India.

The Overseas Private Investment Corporation (OPIC), which is part of the US Government, L&T Infra Finance, and IDFC, have together provided the funding, Mr Pashupathy Gopalan, Managing Director, South Asia and Sub-Saharan Africa, SunEdison, told a press conference here on Friday.

The loans are for 15 years and have been contracted at floating rates between 12.5 per cent and 13.5 per cent.

SunEdison has a clutch of project in India, the biggest of which is a 25 MW project in Gujarat. These projects total to over 50 MW, of which 30 MW are owned by SunEdison—the rest are projects that SunEdison is putting up for other investors.

SunEdison is a subsidiary of MEMC Electronic Materials Inc of the US, which is a leading manufacturer of polysilicon, the key raw material for making solar modules.

Mr Rahul Sankhe, Director – Business Development, SunEdison, said that the company was also into putting up commercial roof-top projects. The company has done a few projects, including some for petrol filling stations in Uttar Pradesh and is due to do a few more.

Mr Gopalan said that small sized solar plants – say, between 1 MW and 5 MW – are indeed good for the country because the power they produce could be consumed locally, rather than having to be wheeled over long distances.

SunEdison has also bid under the Batch II of Phase I of the National Solar Mission, he said.

Published on November 18, 2011
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