SunEdison Surges Higher Amid News Of New Project

SunEdison, Inc. SUNE announced a solar project in India Tuesday.

According to the press release, the company signed a Memorandum of Understanding (MOU) with the Rajasthan Government aimed at developing Rajasthan as the global hub for solar energy.  

SunEdison intends to establish 5 GWs of capacity in the form of multiple Mega Solar Projects, with the expected capacity of each Mega Solar project 500 megawatts (MW) or more.

SunEdison intends to create state-of-the-art solar facilities to generate and supply solar energy to various organizations inside and outside the State of Rajasthan. Those who will receive renewable energy from the solar projects include nodal entities of the Central Government of the Union of India viz. Solar Energy Corporation of India, NTPC Vidyut Vyaparan Nigam Limited and Power Trading Corporation. SunEdison or SunEdison affiliates, including Yieldcos, are envisioned as the ultimate owner(s) of the solar projects.

"Under the dynamic leadership and vision of the honorable Chief Minister, Smt. Vasundhara Raje Scindia, this MOU paves the way for socially and environmentally responsible economic growth and prosperity in the State of Rajasthan," said Pashupathy Gopalan, president, Asia Pacific Operations.

SunEdison, Inc. recently traded at $19.06, up 1.93 percent.