SunEdison, the solar project development unit of MEMC Electronic Materials Inc., will more than double its installed capacity after receiving $250 million in financing to build 51 solar power plants in Thailand.
The financing from the Overseas Private Investment Corp., an independent U.S. government agency, will allow SunEdison to set up 520 megawatts of photovoltaic plants, OPIC said in a statement.
The plants will have capacities of one megawatt to 50 megawatts each and will supply electricity to Thailand’s national grid, OPIC said.
SunEdison, which raised $26.1 million in private equity funding led by Goldman Sachs Group Inc. in 2006, has an installed solar capacity to date of 330 megawatts, according to OPIC.
The Belmont, California-based company has developed, financed and operates solar projects for customers including Duke Energy Corp., Anheuser-Busch InBev NV, the world’s largest brewer, and the U.S. Department of Energy, according to its website.