SunEdison, the solar energy development subsidiary of MEMC Electronic Materials (NYSE:WFR) , and Gyeongsangnam-do (GSND), a provincial government in southeastern Korea, announced the execution of a non-binding Memorandum of Understanding (MOU) for the establishment of 400 megawatts (MW) of solar power plants in the Korean province.
Subject to negotiation and completion of definitive agreements, it is expected that SunEdison will utilize public land and building rooftops to build 400MW of solar power plants. GSND would support SunEdison in securing the proper land or building areas and in completing the authorization and permission processes. The projects are expected to be completed by the end of 2013.
GSND and Governor Doo Kwan Kim have been working to foster the growth of renewable energy initiatives and attract foreign investment in the province. GSND expects that if completed, the activities contemplated by this MOU will act to stimulate the local economy by creating more than 1,500 jobs and help GSND achieve its renewable energy diffusion target of 15% 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.
SunEdison signs MOU for 400MW of solar power projects in Korea