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.”
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.
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.