Renewable energy developer and technology provider SunEdison has signed an MOU with Karnataka government to develop five gigawatts of renewable energy projects within the state over the next five years, the company said today.
The electricity generated by these projects will be cost competitive with coal produced electricity, without subsidies or incentives, and will ease the electricity deficit in Karnataka, the company said.
SunEdison said under the agreement, the company will provide its world class technology, development and financing expertise to build a mix of solar photovoltaic (PV) and wind energy power plants across Karnataka.
The renewable energy power plants will supply electricity, to be sold under power purchase agreements, to distribution companies and utilities within the state, entities of the Central Government and various other third party off-takers within and outside Karnataka, it said in a statement.
The Karnataka government will explore location options with SunEdison to find suitable government land to construct the projects and facilitate construction of the infrastructure required to connect the projects to the grid, it added.
The agreement includes details of an immediate plan to implement projects between 1,000 megawatts and 1,500 megawatts before December 31, 2016, the statement added.
