SunEdison to get over Rs 500-cr funds for solar projects

Solar energy services provider SunEdison has secured funds worth $110 million (over Rs 500 crore) for solar projects in Gujarat and Rajasthan.

The entity, a part of US-based MEMC Electronic Materials, would utilise these funds for construction of several fully contracted solar projects with an expected capacity of 50 MW.

"The funding, worth an estimated $110 million (more than Rs 500 crore, was secured by SunEdison from Overseas Private Investment Corporation (OPIC), L&T Infrastructure Finance Company Ltd and Infrastructure Development Finance Company Ltd (IDFC)," SunEdison said in a statement today.

Once operational, these solar projects -- under construction -- would generate over 84,000 MW hours of clean renewable energy in the first year of operation, it added.

According to the statement, SunEdison has arranged more than $2.5 billion in project financing and have deployed or managed over 500 power plants worldwide.

"We are proud of our robust history of financing solar photovoltaic projects with strong long-term returns for investors in many countries and now in India," SunEdison Managing Director (South Asia and Sub-Saharan Africa) Pashupathy Gopalan said.

SunEdison develops, finances, installs and operates distributed power plants using photo-voltaic technologies.