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 projects in China over the next three years.
The joint venture will focus on facilitating and structuring nonrecourse financing, and SunEdison – directly or through an affiliate, including a yieldco – may purchase the resultant projects.
Ahmad Chatila, president and CEO of SunEdison, says, ‘This historic joint venture is a great step forward for SunEdison."
‘Capital contributions will accelerate the growth of the solar market in China, and China's solar PV industry requires international know-how to improve," adds JianPing Zhang, chairman of JIC Capital.
According to SunEdison, 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. Operations and maintenance of the solar power plants will be performed by the SunEdison Renewable Operation Center.