Major PV energy provider SunEdison has struck a major deal with China-based private equity firm, JIC Capital, a subsidiary of Central HuiJin Investment, to fund the development and construction of PV power plant projects in China totalling 1GW over the next three years.
China is expected to remain the largest installer of PV in 2014 and beyond with forecasts from the majority of leading market research firms putting installations at around 13GW this year.
However, few western firms have been able to penetrate the Chinese market. SunPower announced in March 2014 that it would supply its C7 solar concentrator photovoltaic (CPV) technology to several power plant projects planned for Inner Mongolia, China through a consortium of Chinese partners, while First Solar eventually cancelled major plans to build plants in China after several years of negotiations.
“This historic joint venture is a great step forward for SunEdison,” said Ahmad Chatila, President and CEO of SunEdison. “It is a great honour to partner with a leader like JIC Capital, and we are committed to harnessing our world leading technology and deployment capabilities to deliver clean, cost effective solar energy to the people of China.”
“Capital contributions will accelerate the growth of the solar market in China, and China's solar PV industry requires international know-how to improve. We see this collaboration brings opportunities to combine capital and industry, to form a focused industrial investment platform for long-term operations,” said JianPing Zhang, Chairman, JIC Capital.
SunEdison said that it was already exploring and evaluating potential large-scale projects and expects to start construction in early 2015.