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Solar energy services provider SunEdison announced on Thursday that International Finance Corporation (IFC), a member of the World Bank Group, will provide Rs 75 crore (around $14.5 million) equity to SunEdison at first close to fund SunEdison’s photovoltaic power projects in South Asia, South East Asia and sub-Saharan Africa.
Further, IFC is likely to invest up to a total of Rs 290 crore (around $55 million) on fulfilment of certain conditions for future funding.
As part of the transaction, IFC will acquire 15 percent stake in SunEdison Energy Holding (Singapore) Pvt Ltd and Sun Edison Energy Holdings B.V. – the two holding companies incorporated by Sun Edison LLC, in Singapore and Netherlands, respectively.
This investment would expand access to clean energy and help avoid 7 lakh tonnes of greenhouse gas emissions by 2014.
Mr Pashupathy Gopalan, SunEdison’s Managing Director (South Asia and Sub-Saharan Operations), said, “Driven by economic growth and an emerging focus on energy security, countries in the region are assessing and supporting alternative energy sources. We look forward to working together with IFC to change the ‘energy fabric’ of these markets.
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