SunEdison, Inc. (NYSE: SUNE), a leading global solar technology manufacturer and provider of solar energy services, today announced that it has won 5 solar photovoltaic (PV) projects totaling 150 megawatts (MW) from Karnataka Renewable Energy Development Limited (KREDL) as announced by the Government of Karnataka. SunEdison or SunEdison affiliates, including Yieldcos, are envisioned as the ultimate owner(s) of these solar projects, and will sell the electricity generated to various entities via Power Purchase Agreements (PPA's).
This is yet another milestone in the journey of SunEdison in India to build a strong pipeline of projects that will be developed and commissioned in the coming years," said Pashupathy Gopalan, president Asia Pacific Operations, adding that the PPA's are likely to be signed in the next two to three months.
While 44 developers responded to KREDL's tender for 500 MW of grid-connected solar power plants, SunEdison's 150 MW represents the largest share awarded to any single company. Following SunEdison's recent announcement of a Memorandum of Understanding (MOU) for 5 gigawatts (GW) with the Rajasthan Government, this award solidifies SunEdison's position as the clear leader in India's rapidly growing solar market.
