SunEdison Gets $110 Million in Funding for Indian Solar Projects

SunEdison, the solar development unit of MEMC Electronic Materials Inc. (WFR), won $110 million in funding to build 50 megawatts of power projects in India.

The U.S. Overseas Private Investment Corp. and India’s L&T Infrastructure Finance Co. and Infrastructure Development Finance Co. will fund the plants in Gujarat and Rajasthan, said Pashupathy Gopalan, South Asia managing director at SunEdison, whose parent is the second-biggest U.S. maker of polysilicon.

The 15-year loans will fund five projects, including a 25- megawatt plant and 5-megawatt facility to be completed by the end of the year, he said by phone from Chennai today. SunEdison is building the remaining plants in Gujarat for other investors.

The Indian lenders are charging 13 percent a year while the dollar loan from Opic is at a lower rate, he said. SunEdison is using crystalline panels from Trina Solar Ltd. (TSL) and Chint Group Corp. at the biggest project in Gujarat, Gopalan said.

The company, which in 2006 raised $26.1 million in private equity financing led by Goldman Sachs Group Inc. (GS), is based in Belmont, California. It has developed, financed and operates solar projects for customers including Duke Energy Corp. (DUK), Anheuser-Busch InBev NV (ABI), the largest brewer, and the U.S. Department of Energy, according to its website.

To contact the reporter on this story: Natalie Obiko Pearson in Mumbai at npearson7@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net