Sunedison Inc. (fka SUNEQ)

[hawkmd]

More information on SUNEQ non debtors( out of BK like the other 1400+) subsidiary making business and creating value.

http://www.4-traders.com/SUNEDISON-INC-27471608/news/Sunedison-Deal-signed-with-SunEdison-to-set-up-200MW-solar-park-in-Teknaf-23676070/

SunEdison Energy Holding (Singapore) Private Ltd, a subsidiary of SunEdison, one of the largest American renewable energy firms, signed a contract with the government on Monday to set up a 200 MW solar park in Teknaf of Cox's Bazar on a build-own-operate (BOO) basis.

Southern Solar Power Limited, a special purpose company of SunEdison Energy Holding (Singapore) Private Ltd, will set up the solar park as independent power producer (IPP) in the next 18 months.

Power Development Board secretary Mina Masud Uzzaman and SunEdison South East Asia CEO Ismael Arias Guerrero signed the contract on behalf of their respective sides at a function at Biduyt Bhaban in the city.

Once the plant is installed, the PDB will buy electricity from the project at 17 US cents or Tk 13.26 per kilowatt hour (each unit) for 20 years.

Addressing the function, Stare Minister for Power and Energy Nasrul Hamid said the government plans to increase the solar power generation to 1000 MW by 2021.

He said as part of the plan, the government is developing huge land in Gaibandha and Mirrsharai areas for solar projects.

Abdur Rob, who represents the SunEdison in Bangladesh, said his company signed the contract complying with all conditions of the government.

He also informed that the company has already procured about 1000 acres of land for the project in Teknaf area of Cox's Bazar.

Sources also said SunEdison has tied up with two local companies-Midland Group and Youth Group to implement the project.

The government will have to spend about $1.1 billion, or Tk 8,595 crore to pay the company.

However, PDB will purchase electricity from the project on a "No Electricity, No Payment" basis, meaning the project does not need to have any capacity payment guarantee.

SunEdison will invest about $300 million to implement the Teknaf project on a 75:25 debt-equity basis.

Official sources said the Power Division had advanced the SunEdison project under the Speedy Power and Energy Supply (Special Provision) Act to implement it expediently.

The move for allowing IPP solar plants has been part of the government's plan to generate 24,000MW of electricity by 2021, the sources added.

Special emphasis was laid on power production from non-conventional sources. It aims to increase the total solar power production by 5 percent by 2015 (meaning 800MW), and 10 percent by 2020 (2,000MW). The total solar power production in Bangladesh has not crossed 200MW yet.

© Pakistan Press International, source Asianet-Pakistan