SunEdison seals deal with Karnataka, India to generate 5GW of renewable energy

This will be over the next 5 years.

According to a release, SunEdison, Inc. announced that it has signed a memorandum of understanding with the state government of Karnataka to develop five gigawatts of renewable energy within the state over the next five years.

The electricity generated by these projects will be cost competitive with coal produced electricity, without subsidies or incentives, and will ease the electricity deficit that Karnataka currently experiences. As well, the projects will provide enhanced access to electricity for many of the people in Karnataka, who currently have no electricity or intermittent access to electricity.

Under the agreement, SunEdison will provide its world class technology, development and financing expertise to build a mix of solar photovoltaic (PV) and wind energy power plants across Karnataka.

The renewable energy power plants will supply electricity, to be sold under power purchase agreements, to distribution companies and utilities within the state, entities of the Central Government of the Union of India and various other third party off-takers within and outside Karnataka.

The government of Karnataka will explore location options with SunEdison to find suitable government land on which to construct the projects and will facilitate construction of the infrastructure required to connect the projects to the grid. The agreement includes details of an immediate plan to implement between 1,000 megawatts and 1,500 megawatts before December 31st, 2016.