SunEdison Inks MOU for Solar Projects in Korea

SunEdison has signed an MOU with Korea’s provincial government towards establishing solar energy projects with an overall power generation capacity of 400 MW. SunEdison is MEMC Electronic Materials’ solar development subsidiary while GSND (Gyeongsangnam-do) is a provincial government prevalent in southeastern Korea.

Subject to the completion and negotiation of definitive contracts, it is anticipated that SunEdison will be utilizing public land as well as building rooftops towards building these solar power plants. GSND would be supporting SunEdison towards acquiring the proper building or land areas as well as completing the processes for permission and authorization.

These solar projects are anticipated to reach the completion stage by 2013 end while stimulating the local economy by way of generating in excess of 1,500 jobs while helping GSND to achieve its target of 15% in renewable energy diffusion by the year 2030. SunEdison is anticipated to reinvest the profits obtained from these solar projects for developing the local economy while encouraging other companies located in GSND towards participating in the installation and construction of these solar power plants.