We will remain a serious participant in the India market: Pashupathy Gopalan of SunEdison
Pashupathy Gopalan, president, Asia-Pacific, at SunEdison Inc., is looking to spend a majority of his time at the India division of the world’s largest renewable energy company as the country gains top priority and is second in line after the US.
The struggling US company—which has lost more than 80% of its stock value in the last one year and announced big cost cuts—plans to bid for upcoming solar tenders under the National Solar Mission in India and continue to sell stake in some Indian assets.
From having set up solar projects in countries such as India, Thailand, Malaysia, South Africa, China and Japan since joining SunEdison in 2009, Gopalan has now been entrusted with the responsibility of growing business in India alone.
The firm on 24 November said it was terminating a deal to buy Continuum Wind Energy Ltd and was selling 425 megawatts (MW) of capacity in India to its yieldco TerraForm Global Inc. for $231 million (in the yield co model SunEdison sells operating assets to the yieldco company, which collects revenue by selling power/electricity to pay dividends to shareholders).
SunEdison’s long-term plan in India is to develop over 15 gigawatts (GW) of wind and solar projects by 2022. In an exclusive interview, Gopalan spoke about the company’s plans for the Indian market. Edited excerpts: