SunEdison, the solar energy development subsidiary of MEMC Electronic Materials, and Gyeongsangnam-do (GSND), a provincial government in southeastern Korea, have agreed to a non-binding memorandum of understanding (MOU) for the establishment of 400 MW of solar power plants in the Korean province.
Subject to negotiation and completion of definitive agreements, it is expected that SunEdison will utilize public land and building rooftops to build 400 MW of solar power plants. GSND would support SunEdison in securing the proper land or building areas and in completing the authorization and permission processes. The projects are expected to be completed by the end of 2013.
It is currently expected that SunEdison will make efforts to reinvest certain amounts of profit received from these projects for the development of the local economy and will encourage other companies located in GSND to participate in the construction and installation of the photovoltaic power plants.