<article>US-based <a style="color: #000080;" href="http://www.sunedison.com/">SunEdison</a>, plans to offload equity in a 500 megawatt project that it had won India in November last year, according to <a style="color: #000080;" href="http://economictimes.indiatimes.com/industry/energy/power/sunedison-plans-to-offload-equity-in-500-mw-andhra-pradesh-project/articleshow/51147742.cms">a report</a> in The Economic Times.</article>

US-based <a style="color: #000080;" href="http://www.sunedison.com/">SunEdison</a>, plans to offload equity in a 500 megawatt project that it had won India in November last year, according to <a style="color: #000080;" href="http://economictimes.indiatimes.com/industry/energy/power/sunedison-plans-to-offload-equity-in-500-mw-andhra-pradesh-project/articleshow/51147742.cms">a report</a> in The Economic Times.
At that time, the world’s largest renewable energy company had made a bid that rivals said was too low to make commercial sense.
According to sources, the company had made a bid of Rs 4.63 per unit in an auction conducted by <a style="color: #000080;" href="http://www.ntpc.co.in/">NTPC</a> for solar plants in Andhra Pradesh under the Jawaharlal Nehru National Solar Mission.
&#8220;We are always looking for equity investors as a business model in addition to selling our assets to our YieldCo,&#8221; Pashupathy Gopalan, president, Asia Pacific, SunEdison.
SunEdison has approached potential buyers for the sale of equity and has consulted investment bankers to value the project.
As per the report the company can sell up to a 49 per cent stake in the project initially and can exit only one year after it is commissioned.
&#8220;The power purchase agreement we are about to sign for the Andhra project allows us to sell up to 49% stake after signing the PPA, &#8221; Gopalan said adding that SunEdison was extremely serious about executing the project.
&#8220;We have made an equity infusion of Rs 120 crore into the company and have submitted performance bank guarantees of Rs 150 crore to NTPC. We have done all the paperwork and are waiting for NTPC&#8217;s response before signing the PPA,&#8221; he added.
&#8220;In our business model, we will continue to explore three strategies on an ongoing basis — holding assets in our balance sheet, selling assets to our YieldCo and partnering with third-party investors,&#8221; Gopalan said.
It was earlier reported that SunEdison was planing to sell solar power capacity worth about 400 megawatts in India for roughly $350 million, in an attempt to boost its balance sheet by shedding its assets.
Apart from the 500 MW plant in Andhra Pradesh, SunEdison operates around 450 MW worth of solar plants in India, has another 800 MW under development.
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US-based SunEdison, plans to offload equity in a 500 megawatt project that it had won India in November last year

India: SunEdison plans to offload up to 49% equity in 500 MW solar project

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India: SunEdison plans to offload up to 49% equity in 500 MW solar project

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