SunEdison Inc. has signed an agreement with the state government of Karnataka in India to develop 5 gigawatts of renewable energy project in the state by 2020.
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,” SunEdison said in a statement.
Under the agreement, SunEdison will provide technology, development and financing expertise to build a mix of solar photovoltaic 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 state government, in turn, 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 up to 1,500 megawatts by the end of 2016.
