SunEdison, the solar energy development subsidiary of MEMC Electronic Materials (NYSE:WFR) signed a Memorandum of Understanding (MOU) for the establishment of 400 megawatts (MW) of solar power plants in South Korea.
The agreement is with Gyeongsangnam-do (GSND), a provincial government in southeastern Korea.
SunEdison will use public land and building rooftops to build the solar power plants. GSND will support SunEdison in securing land and building areas and in completing authorization and permitting processes. The projects are expected to be completed by the end of 2013.
GSND expects the MOU will stimulate the local economy by creating more than 1,500 solar jobs and help GSND achieve its renewable energy target of 15% by 2030.
SunEdison says it will re-invest some of the profits in the local economy and will encourage other companies located in Gyeongsangnam to participate in the construction and installation of the solar PV plants.
U.S.-based SunEdison has more than 350 solar PV 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.
In August, SunEdison agreed to build 2 MW of solar power in California for AT&T (NYSE: T).