SunEdison Eyes $600 Million Wind Energy Buyout In India
SunEdison, which controls the world’s largest renewable energy capacity, is planning to expand its footprint in India through a massive wind energy acquisition.
Continuum Wind Energy, an independent power producer in India, is on the acquisition radar for SunEdison. The US-based project developer plans to buy out Continuum Wind Energy for up to $600 million in an effort to expand its footprint in the wind energy market in India. Continuum Wind Energy currently has a portfolio of 1,000 MW capacity, including 145 MW of operational and 270 MW of under-contract capacity. The majority shareholder in the company is Morgan Stanley Infrastructure Partners.
SunEdison committed to the largest renewable energy expansion during India’s first-ever international renewable energy investors summit in February. The company plans to add 15.2 GW of renewable energy capacity — 10 GW solar power and 5.2 GW wind energy — over the next 7 years. SunEdison has already signed an agreement with the state government of Rajasthan to develop 5 GW of solar energy capacity over the next 5 years. In a similar dealwith the southern state of Karnataka, the company plans to install 5 GW of wind and solar power capacity over the next 5 years.
India plans to add around 140 GW of renewable energy capacity over the next 7 years. Apart from the capacity addition targets, SunEdison has already announced plans to invest in India’s largest solar modules manufacturing facility, worth $4 billion.