IFC to invest up to $55M in SunEdison to help increase access to RE

IFC, a member of the World Bank Group, and SunEdison, a leading worldwide solar energy services provider, announced that IFC is providing approximately $14.5 million (about Rs. 75 crores) of equity to SunEdison at first close, and up to a total of $55 million (about Rs. 290 crores) if certain conditions for future funding are met, to support the growth, development and construction of SunEdison’s photovoltaic power projects in South Asia, South East Asia and sub-Saharan Africa. The IFC investment will help facilitate IFC’s and SunEdison’s goal of expanding access to clean energy and address climate change by avoiding up to 700,000 tons of greenhouse gas emissions by 2014. As part of the transaction, IFC is acquiring a 15 percent stake in SunEdison Energy Holding (Singapore) Private Limited and Sun Edison Energy Holdings B.V., two holding companies incorporated by Sun Edison LLC, in Singapore and the Netherlands, respectively. “SunEdison recognizes the potential of the South Asian and Sub-Saharan regions for solar power generation and is one of the leading Solar Energy platforms across the region,” said Pashupathy Gopalan, SunEdison’s Managing Director, South Asia and Sub-Saharan Operations. “Driven by economic growth and an emerging focus on energy security in these regions, countries in the region are assessing and supporting alternative energy sources. We are pleased that IFC shares these beliefs, and we look forward to working together to change the ‘energy fabric’ of these markets.” “IFC is engaging across the entire solar photovoltaic supply chain to improve its economics,” said Anita George, IFC Director for Infrastructure in Asia. “We are doing this by enabling pioneering projects under new regulatory support schemes and increasing economies of scale in downstream installations.” (Caption of the picture- Pashupathy Gopalan (left) and Anita George (right) at the Signing Ceremony in Chennai.)