International Finance Corporation (IFC), a member of the World Bank group said it will be providing Rs. 750 million of equity to SunEdison at first close, and upto a total of about Rs. 2.9 billion if certain conditions for future funding are met. The funds are intended to support the growth,development and construction of SunEdison’s PV power projects in South Asia, South East Asia and sub-Saharan Africa.
As a part of the transaction, IFC is acquiring a 15% stake in SunEdison Energy Holding (Singapore) and Sun Edison Energy Holdings B.V., two holding companies incorporated by SunEdison 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,” he added.
“IFC is engaging across the entire solar PV 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.”