Solar

Solar developer SunEdison has formed a joint venture (JV) with China’s investment group JIC Capital to facilitate nonrecourse financing and construction of utility-scale solar photovoltaic (PV) projects in China.

The JV will develop, construct and own up to 1GW of solar PV projects over the next three years.

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SunEdison has future plans to acquire the projects developed by the JV at fair market price, either directly or through an affiliate, including a yieldco.

Construction for the projects is likely to start in the first quarter of 2015, for which the JV is presently exploring and evaluating large-scale projects.

SunEdison Renewable Operation Center (ROC) will be in charge of operation and maintenance (O&M) for the solar PV plants.

SunEdison president and CEO Ahmad Chatila said: "This historic joint venture is a great step forward for SunEdison.

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"Capital contributions will accelerate the growth of the solar market in China."

"It is a great honour 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."

JIC Capital chairman JianPing ZHANG 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."

China, at present, has an installed solar energy capacity of around 19MW.

The country has plans to reach its 35GW target by 2015, and 100GW by 2020.

Image: China, at present, has an installed solar energy capacity of around 19MW. Photo: courtesy of franky242 / FreeDigitalPhotos.net.

Energy