Beltsville, Md., September 10, 2010 — SunEdison announced the execution of a non-binding memorandum of understanding for the establishment of 400 MW of solar power plants in the Korean province of Gyeongsangnam-do.
GSND would support SunEdison in securing the proper land or building areas and in completing the authorization and permission processes. The projects are slated for completion 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 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.
SunEdison is one of the world’s leading solar services providers, with more than 350 solar photovoltaic power plants constructed and under management.
The company has a strong presence and an ambitious expansion plan in Europe, including in France, Germany, Greece, Spain, and Italy. The company is building the largest solar photovoltaic plant in Europe, with 72 MW capacity, in Rovigo, Italy.