Bankrupt SunEdison aims to grow in India
The Dollar Business Bureau
Hours after filing for bankruptcy protection, US-based renewable energy firm SunEdison Inc is expecting partners for 1.7 gigawatts of projects planned in India. The head of SunEdison’s Asian zone business stated that the company aims to obtain partners within two months.
Pashupathy Gopalan, while talking to certain media on Friday, stated that the firm excluded India, SunEdison’s largest market outside United States-its base, from the bankruptcy process.
Apart from looking out for partners for specific projects in India, SunEdison is also aiming to secure equity partner for India business’.
The buzz is that the company is planning to sell stakes in planned projects to Adani Group of India and Fortum of Finland.
Gopalan, however, did not reveal onto why India was excluded from the process.
SunEdison, which expanded the business through acquisitions and bidding, was fastest growing group in US. In 2015, SunEdison secured a solar project in India’s Andhra Pradesh state by striking deal at low costs.
Currently, SunEdison has about 700 megawatts of projects in India. All of them have been financed and many have reached the construction stage. The 1.7 gigawatts project is expected to be completed by 2018.
Gopalan further revealed that soon after new partnership deals, the company would bid for new projects. However, it needs be noted that SunEdison should finish the existing projects in order to stick to the bank guarantees given during bids.
On Thursday, SunEdison filed for bankruptcy protection after a temporary yet aggressive activity of acquisitions fueled with debts proven unsustainable.