SunEdison bonds to raise $900m for clean energy expansion

SunEdison has revealed plans to issue two bonds worth $900 million to raise funds for expanding its renewable energy generation.

The company is aiming to issue two bonds worth $375 million each with an option of additional purchase of bonds worth $75 million each over a period of 30 days.

The funds raised from the bonds would be used for developing new projects as well as acquiring existing projects from other firms.

SunEdison has secured projects in South Africa as well as Brazil through competitive auctions.

The company collaborated with Renova Energia in Brazil to develop 1 GW of solar power projects.

In South Africa, the company secured a 75 MW solar power plant in the fourth auction under the Renewable Energy Independent Power Producers Procurement Programme, results for which were announced last month.

The company has been participating in these auctions since 2011 and has already commissioned 130 MW of solar power plants.

SunEdison has also pledged to install 10 GW of solar power and 5.2 GW of wind power capacity in India over the next 5-7 years.

This is the largest renewable energy commitment made by any company towards India’s target to have 175 GW operational renewable energy capacity by 2022. SunEdison will also invest in the development of India’s largest solar modules manufacturing unit worth $4 billion.

SunEdison boasts over 3 GW of operational solar power capacity from more than 1,000 projects across the world.

The company formally entered the wind energy sector following the acquisition of First Wind earlier this year.