SHANGHAI, CHINA: SunEdison Inc. has announced 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 three 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 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.