SunEdison to build 400MW Korean solar plants

SunEdison executed a non-binding MOU for the establishment of 400 MW of solar power plants in Gyeongsangnam-do.

Subject to negotiation and completion of definitive agreements, it is expected that SunEdison will use public land and building rooftops to build 400 MW of solar power plants.

The projects are slated for completion by the end of 2013.

The province of Gyeongsangnam-do and Governor Doo Kwan Kim have been working to foster the growth of renewable energy initiatives and attract foreign investment in the Korean province.

If completed, the activities contemplated by this MOU will act to stimulate the local economy by creating more than 1,500 jobs and help achieve the province's renewable energy diffusion target of 15 percent by 2030.

It is currently expected that SunEdison will make efforts to re-invest certain amounts of profit received from these projects for the development of the local economy and will try to encourage other companies located in Gyeongsangnam-do to participate in the construction and installation of the photovoltaic power plants.