SunEdison secures financing for Indian solar energy projects

And guess how much funding SunEdison got from Overseas Private Investment Corporation?

In a release, SunEdison, a solar energy services provider and subsidiary of MEMC Electronic Materials, Inc., announced that it has secured project financing for a series of solar projects under construction in the sunshine states of Gujarat and Rajasthan in India. The funding, worth an estimated US $110 Million (more than INR 500 Crores), was secured by SunEdison from Overseas Private Investment Corporation (OPIC), L&T Infrastructure Finance Company Limited and Infrastructure Development Finance Company Limited (IDFC).

The project debt arranged by SunEdison will be used for the construction of several fully contracted solar projects
with an expected capacity of 50 megawatts (MW). Once operational, these plants are expected to generate more
than 84,000 megawatt hours of clean renewable energy in the first year of operation.

SunEdison’s proven record of providing predictable, long-term returns for investors and lenders has earned the
trust and investment of some of the world’s leading financial institutions. 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.

“Having arranged more than US $2.5 Billion (USD) in project financing and having deployed or managed more
than 500 power plants throughout the world, SunEdison has the proven experience with large-scale solar
deployments that investors trust,” said Pashupathy Gopalan, Managing Director, South Asia and Sub-Saharan
Africa, SunEdison. “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.’’

In addition to their beneficial environmental impact, the projects will be instrumental in turning barren land into highly
productive power-generating zones.