MEMC Unit SunEdison Plans Solar Plants in Japan, Nikkei Reports

SunEdison, a unit of MEMC Electronic Materials Inc., plans to build solar plants in Japan at a cost of 350 billion yen ($4.6 billion) and will seek domestic investors to help fund the projects, the Nikkei newspaper said.

The second-largest U.S. maker of polysilicon is already in talks with local governments including Niigata and Fukuoka on sites for the plants, the newspaper reported, without saying where it got the information. The projects will be built over five years and capacity will total 1 gigawatt, the Nikkei said.

Japan’s parliament passed a bill in August guaranteeing above-market rates for wind, solar and geothermal energy. Similar legislation in Germany and Spain has spurred solar companies to install panels.