IFC picks up 15pc stake in Sun Edison subsidiaries

Chennai: International Finance Corporation, a member of the World Bank Group, will buy 15 per cent stake in two units of Sun Edison, a global provider of solar energy services, for $55 million.

As part of the transaction, IFC is acquiring a 15 per cent stake in SunEdison Energy Holding (Singapore) Private Limited and Sun Edison Energy Holdings BV, two holding companies incorporated by Sun Edison in Singapore and the Netherlands, respectively.

IFC will provide approximately $14.5 million  of equity to SunEdison, a leading worldwide solar energy services provider, and up to a total of $55 million if certain conditions for future funding are met, to support the growth, development and construction of SunEdison’s photovoltaic power projects in South Asia, South East Asia and sub-Saharan Africa.

The IFC investment will help facilitate IFC’s and SunEdison’s goal of expanding access to clean energy and address climate change by avoiding up to 700,000 tons of greenhouse gas emissions by 2014.

“SunEdison recognizes the potential of the South Asian and Sub-Saharan regions for solar power generation and is one of the leading Solar Energy platforms across the region,” said Pashupathy Gopalan, SunEdison’s managing director, South Asia and Sub-Saharan Operations.