SunEdison, Inc. (NYSE: SUNE), a solar developer and technology provider, announced today a joint venture agreement with JIC Capital, to facilitate nonrecourse financing and develop, construct and own up to 1 GW of utility-scale solar photovoltaic (PV) projects in China over the next 3 years.
The joint venture will focus on facilitating and structuring nonrecourse financing for solar PV plants in one of the world’s largest and most attractive solar markets. SunEdison, directly or through an affiliate, including a yieldco, may purchase the projects developed by the joint venture at fair market value.
“This historic joint venture is a great step forward for SunEdison,” said Ahmad Chatila, President and CEO of SunEdison. “It is a great honor to partner with a leader like JIC Capital, and we are committed to harnessing our world leading technology and deployment capabilities to deliver clean, cost effective solar energy to the people of China.”
“Capital contributions will accelerate the growth of the solar market in China, and China’s solar PV industry requires international know-how to improve. We see this collaboration brings opportunities to combine capital and industry, to form a focused industrial investment platform for long-term operations,” said Mr. JianPing ZHANG, Chairman, JIC Capital.
China has approximately 19 GW of installed solar energy capacity, with a target to reach 35 GW by 2015 and 100 GW by 2020. The joint venture is currently exploring and evaluating several large-scale projects and expects to start construction in early 2015. Operation and maintenance of the solar power plants will be performed by the SunEdison Renewable Operation Center (ROC), which provides global 24/7 asset management, monitoring and reporting services.
About China Jianyin Investment Corporation
China Jianyin Investment Limited (“JIC”) is a wholly owned subsidiary of Central HuiJin Investment Ltd. which was founded in 2004. It is approved by the State Council and is recognized as a first-class domestic investment institution with extraordinary international influence and outstanding performance in both financial and industry sector investment. Focusing on equity investment and industrial management, JIC is an integrated investment group that possesses a complete set of investment systems. Its major businesses operate across fields including investment, finance, real estate, technology and consulting, culture and media.
Image:Solar PV cells in China By WiNG (Own work) [CC-BY-SA-3.0], via Wikimedia Commons
ST Staff Writers
This post was prepared by Solar Thermal Magazine staff.