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Chennai, India, May 10, 2012
—IFC, a member of the World Bank Group, is providing up to $55 million as equity to SunEdison to support the global solar developer in installing 600 megawatts of solar capacity over the next three years, helping make clean energy cost-competitive in emerging markets.
SunEdison will develop the market, build and operate solar plants in the regions of South Asia, South East Asia and sub-Saharan Africa, and help regulators, governments and the private sector to ensure the suitability and sustainability of regulatory support to solar power.
“Harnessing the considerable solar potential in these regions can help meet policy goals and encourage low-carbon investments while providing a stable source of energy,” said Pashupathy Gopalan, Managing Director of SunEdison, South Asia and Sub-Saharan Operations. “We look forward to working with IFC to change the ‘energy fabric’ of these markets.”
Regulatory support for solar power is expected to drive down costs and expand market opportunities, particularly in Asian countries. SunEdison has already built a pipeline of 12 projects and is ready with an over 100-strong team in these markets. The company aims to replicate here the business model it developed for the western markets, selling the completed de-risked solar farms to utilities and institutional investors.
“IFC is engaging across the entire solar photovoltaic spectrum to make it cost-competitive,” said Anita George, IFC Director for Infrastructure in Asia. “We are doing this by enabling pioneering solar power projects in multiple territories at a time when investment norms and policies are still being refined."
About IFC
IFC, a member of the World Bank Group is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets. In fiscal 2011, amid economic uncertainty across the globe, we helped our clients create jobs, strengthen environmental performance, and contribute to their local communities - all while driving our investments to an all-time high of nearly $19 billion. For more information, visit
www.ifc.org
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