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China : SUNEDISON and JIC CAPITAL forms joint venture
Publish Date : 21-Oct-2014
SunEdison and JIC Capital has formed a joint venture to facilitate nonrecourse financing and develop, construct and own nearly 1 GW of utility-scale solar photovoltaic (PV) projects in China over a period of next 3 years. Main objective of the joint venture will be to remain focus on facilitating and structuring nonrecourse financing for solar PV plants in one of the world's largest and most attractive solar markets. SunEdison either directly or through an affiliate, including a yieldco, might acquire the projects developed by the joint venture at fair market value.
Ahmad Chatila, President and CEO of SunEdison, said, “This historic joint venture is a great step forward for 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.” Mr. JianPing ZHANG, Chairman, JIC Capital said, “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.”
Currently, China has around 19 GW of installed solar energy capacity, and targets to attain 35 GW by 2015 and 100 GW by 2020. At present, the joint venture explores and evaluates several large-scale projects and expects commencement of construction in early 2015. The SunEdison Renewable Operation Center (ROC) will carry out operation and maintenance of the solar power plants.
