SunEdison

completed

The proposed project involves a multi-level, multi-region engagement and partnership with SunEdison LLC (the Sponsor and North America’s largest solar energy services provider) which currently has a significant pipeline of grid-tied solar PV projects (many with signed Power Purchase Agreements) in India and Thailand, and ambitions for further expansion across South & South-East Asia and Sub-Saharan Africa, as declining solar prices and improved regulatory environments create new market opportunities. SunEdison is a wholly owned subsidiary of MEMC Electronic Materials, Inc. (“MEMC”), a pioneer in the design and development of wafer technologies for 50 years.IFC proposes to provide a portion of the equity financing of the as yet unnamed regional Asian/Sub-Saharan solar development business based in Singapore and with operational teams in Chennai, Bangkok and elsewhere (the “Development Company”) as well as a portion of the debt financing required for five grid-tied solar photovoltaic plants (1 in India and 4 in Thailand). All of the projects will be built by SunEdison’s EPC Company under a fully-wrapped EPC contract which is price and date certain and provides equipment and full-plant performance warranties for the first 2 years of operation. Beyond this the Operation and Maintenance (“O&M”) will be provided by SunEdison O&M Services arm which will provide plant availability warranties and module supplier will provide degradation rate warranties. IFC is proposing to make up to 15% equity contribution to the needs of the Development Company, equivalent to approximately US$55 million over the coming 12-18 months. In addition IFC considers providing A Loans in the following amounts: US$20 million for 1 sub-project in India and US$26 million for the four small projects in Thailand. In India a 25MW facility is to be located in the newly announced Gujarat Solar Park (being built by Gujarat Power Corporation Ltd (“GPCL”)). The Solar Park is located near Charanka village, in Santalpur Taluka, in the Patan District of Gujarat. As for the Thai projects: SunWat 1, an 9.6 MW facility will be in Saraburi; Sunwat 2, a 7.2 MW facility in Sri Sa Ket; SunWat 3, a 9.6 MW facility in Sri Sa Ket; and SunWat 4, a 9.6 MW facility, will be located in Roi Et.The expected total project cost will be approximately in the range of US$300 - 450 million for the five grid tied projects being debt-financed by IFC. In addition, IFC is considering supporting these projects with financing from the IFC Earth Fund, a platform of the GEF Earth Fund, and the Clean Technology Fund (a fund under the World Bank administered Climate Investment Funds) for the Thai projects.