-- Up to 1 Gigawatt (GW) of Solar to be developed over the next 3 years
SHANGHAI, Oct. 16, 2014 /PRNewswire/ -- SunEdison, Inc. (NYSE: SUNE), a leading solar developer and technology provider, announced today 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 3 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 Mr. 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.
SunEdison is a global leader in transforming how energy is generated, distributed and owned. SunEdison manufactures solar technology and develops, finances, installs and operates distributed solar power plants, delivering predictably priced electricity and services to its residential, commercial, government and utility customers. SunEdison also provides 24/7 asset management, monitoring and reporting services for hundreds of solar systems worldwide via the company's Renewable Operation Center (ROC). SunEdison has offices in North America, Europe, Latin America, Africa and Asia. SunEdison's common stock is listed on the New York Stock Exchange under the symbol "SUNE." To learn more visit www.sunedison.com.
About JIC Capital
JIC Capital is an asset management company which operates under China Jianyin Investment Corporation (JIC), a wholly owned subsidiary of Central HuiJin Investment Ltd. JIC Capital is a top tier and active private equity investment player in China with the value creation investment philosophy. It specializes in utilizing global resources and professional expertise to focus on investment management, investment banking, financial advisory and private equity fund operations including industrial funds, venture capital funds, buyout funds, and mezzanine funds, etc.
Forward Looking Statements
Certain matters discussed in this press release are forward-looking statements, including that construction of the solar projects in China is expected to begin in 2015; and that the joint venture will develop up to 1 GW of solar energy projects over three years. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Potential risks and uncertainties include changes in applicable regulatory requirements and incentives for production of solar power; and general business and economic conditions, including seasonality of the industry, and other risks described in SunEdison's filings with the United States Securities and Exchange Commission. These forward-looking statements represent SunEdison's judgment as of the date of this press release. SunEdison disclaims, however, any intent or obligation to update these forward-looking statements.
SOURCE SunEdison, Inc.