Project Focus: SunEdison signs MOU with Korean province to develop 400MW of solar PV power plants

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In a potential deal that would dwarf the scale of the company’s previous development projects, MEMC subsidiary SunEdison has signed a memorandum of understanding with the Gyeongsangnam-do provincial government for the establishment of 400MW of PV power plants in the southeastern Korean province. The nonbinding MOU, which is subject to negotiation and completion of definitive agreements, could lead to the utilization of public land and building rooftops to develop and install the PV systems.

The provincial government said it would support SunEdison in securing the proper land or building areas and in completing the authorization and permission processes. The projects would be completed by the end of 2013.

No financial details of the proposed deal were disclosed.

SunEdison is expected to reinvest certain amounts of profit received from these projects for the development of the local economy and will try to encourage other companies located in Gyeongsangnam-do to participate in the construction and installation of the solar power plants.

During MEMC’s most recent quarterly earnings call in late July, the parent company said that SunEdison has 111.5MW of project work under construction that would be completed by the end of 2010.

The Korean deal, if approved, would lead to projects that would be equivalent to approximately double the amount of SunEdison’s entire expected portfolio by year’s end. It would also be one of the largest collections of PV installations in the east Asian country.

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