IFC to Invest up to
$55M (Rs. 290 Crores) in SunEdison to Help Increase
Access
to Renewable Energy
in Emerging Markets
New Delhi, India, May
10, 2012 - IFC, a member of the
World Bank Group, and SunEdison, a leading worldwide solar energy services
provider, announced today that IFC is providing approximately $14.5 million
(about Rs. 75 crores) of equity to SunEdison at first close, and up to a total
of $55 million (about Rs. 290 crores) if certain conditions for future funding
are met, to support the growth, development and construction of SunEdison’s
photovoltaic power projects in South Asia, South East Asia and sub-Saharan
Africa. The IFC investment will help facilitate IFC’s and SunEdison’s goal of
expanding access to clean energy and address climate change by avoiding up to
700,000 tons of greenhouse gas emissions by 2014. As part of the transaction,
IFC is acquiring a 15 percent stake in SunEdison Energy Holding (Singapore)
Private Limited and Sun Edison Energy Holdings B.V., two holding companies
incorporated by Sun Edison LLC, in Singapore and the Netherlands, respectively.
“SunEdison
recognizes the potential of the South Asian and Sub-Saharan regions for solar
power generation and is one of the leading Solar Energy platforms across the
region,” said
Pashupathy Gopalan, SunEdison’s Managing Director, South Asia and Sub-Saharan
Operations. “Driven by economic growth and an emerging focus on energy
security in these regions, countries in the region are assessing and supporting
alternative energy sources. We are pleased that IFC shares these beliefs, and
we look forward to working together to change the ‘energy fabric’ of these
markets.”
“IFC is engaging
across the entire solar photovoltaic supply chain to improve its
economics,” said Anita
George, IFC Director for Infrastructure in Asia. “We are doing this by
enabling pioneering projects under new regulatory support schemes and increasing
economies of scale in downstream installations.”
About
SunEdison
SunEdison
is a global provider of solar-energy services. The company develops finances,
installs and operates distributed power plants using proven photovoltaic
technologies, delivering fully managed, and predictably priced solar energy
services for its commercial, government and utility customers. In 2011 SunEdison
interconnected approximately 300 Megawatts of solar throughout the world.
About
IFC
IFC, a
member of the World Bank Group is the largest global development institution
focused exclusively on the private sector. We help developing countries achieve
sustainable growth by financing investment, providing advisory services to
businesses and governments, and mobilizing capital in the international
financial markets. In fiscal 2011, amid economic uncertainty across the globe,
we helped our clients create jobs, strengthen environmental performance, and
contribute to their local communities - all while driving our investments to an
all-time high of nearly $19 billion.
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