OPIC approves US$250M in financing to develop 51 solar PV power plants with combined capacity of 520 MW in Thailand; U.S.-based MEMC Electronic Materials' SunEdison Thailand will build systems of 1 MW to 50 MW
October 5, 2011
– The Board of Directors of the Overseas Private Investment Corporation (OPIC), the U.S. Governments development finance institution, approved $250 million in financing to develop 51 solar power plants in Thailand. This first-of-its-kind project will accelerate the growth of the solar industry in Thailand by financing a large number of solar plants together with local banks.
SunEdison Thailand, a subsidiary of MEMC Electronic Materials, Inc. a U.S.-based technology and solar power development company, will use OPIC financing to construct the new solar photovoltaic power plants generating clean renewable energy for Thailands national electric grid. The plants will range in size from one megawatt (MW) to 50MW and, taken together, will generate 520MW.
We are proud to be supporting Thailands goals of shifting to clean, renewable sources of power. This project allows SunEdison to develop a pipeline of solar projects in Thailand that would otherwise require significantly more resources for OPIC to implement on a project-by-project basis, said OPIC President and CEO Elizabeth Littlefield.
SunEdison is one of North America's largest solar energy services providers. SunEdison pioneered the fully integrated solar energy service provider business model, which provides an integrated solution for the development, design, engineering, installation, financing, monitoring, operations and maintenance of solar power systems. As of June 2011, SunEdison had deployed and/or managed 526 solar power systems representing more than 330 MW of solar energy generating capacity.
MEMC, is the fourth largest global designer and manufacturer of silicon wafers used in semiconductors, the fifth largest manufacturer of silicon wafers used in solar panels, and one of the largest North American solar power developers.
OPIC is the U.S. Governments development finance institution. It mobilizes private capital to help solve critical world challenges and in doing so, advances U.S. foreign policy. Because OPIC works with the U.S. private sector, it helps U.S. businesses gain footholds in emerging markets catalyzing revenues, jobs and growth opportunities both at home and abroad. OPIC achieves its mission by providing investors with financing, guarantees, political risk insurance, and support for private equity investment funds.
Established as an agency of the U.S. Government in 1971, OPIC operates on a self-sustaining basis at no net cost to American taxpayers. OPIC services are available for new and expanding business enterprises in more than 150 countries worldwide. To date, OPIC projects have generated $74 billion in U.S. exports and supported more than 275,000 American jobs.