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SunEdison secures Rs 5 billion funding for 50 MW solar projects in Gujarat and Rajasthan

According to reports, solar energy services provider SunEdison has announced it has secured project financing of more than Rs 500 crore from Overseas Private Investment Corporation, L&T Infrastructure Finance Company Ltd and Infrastructure Development Finance Company Ltd for a series of solar photovoltaic projects in Gujarat and Rajasthan. The likely capacity of these projects will be 50 MW.

A SunEdison press release said, “Once operational, these plants are expected to generate more than 84,000 megawatt hours of clean renewable energy in the first year of operation.”

It further said, “With the support of its financing partners, SunEdison is able to secure project capital using some of the most innovative structures in the market, which yield a lower cost of capital. This helps to ensure that projects are completed on schedule and that investors receive promised returns.” SunEdison is a subsidiary of MEMC, which is into semiconductor and solar technology.

According to Bloomberg New Energy Finance, which tracks investments in renewable energy, India has seen record investments in clean energy this year. Up to September, about $7.2 billion have been invested as asset finance in projects, funds raised on public markets and new investments done by private equity and venture capital firms. In 2010, it was about $5.7 billion.

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