Under the terms of the MOU, SunEdison will provide its technology as well as develop and finance a mix of solar photovoltaic (PV) and wind energy power plants across Karnataka over the next five years.
In addition to addressing the electricity shortfall in Karnataka, the power generated from the projects will be cost competitive with coal produced electricity, without subsidies or incentives.
The projects will also provide improved access to electricity in Karnataka.
Power generated from the renewable energy power plants will be sold to distribution companies and utilities within the state, entities of the government of the Union of India and various other third party off-takers within and outside Karnataka, under power purchase agreements.
The MOU also includes plan to implement between 1,000MW and 1,500MW before 31 December 2016.
SunEdison Asia Pacific president Pashupathy Gopalan said: "We are proud to be working with the government of Karnataka to progress its renewable energy goals.
"Karnataka’s comprehensive energy policy paves the way for socially and environmentally responsible economic growth and prosperity by addressing the energy needs of utility customers, distributed generation customers, and farmers who can benefit from solar water pumps for irrigation."
Image: Sunedison signs agreement to develop 5GW of renewable energy in India within five years. Photo: courtesy of dan/Freedigitalpgotos.net.
