SunEdison Sells Indian Rooftop Solar Power Assets

Financially troubled project developer SunEdison has kick-started the sale of its solar power assets in India.

US-based renewable energy developer SunEdison, which filed for bankruptcy in April, has sold its 7 MW commercial and industrial roof-top portfolio to Indian developer Amplus Energy Solutions (Amplus Solar). The installations also include the recently commissioned projects for Delhi Metro.

Amplus, backed by New York-based infrastructure investment group I Squared Capital, owns and manages a portfolio of operational and under-construction solar projects with a combined capacity of over 30 MW. The company is looking to increase its rooftop solar portfolio to 150-200 MW over the next 2 years.

Amplus would integrate its in-house remote monitoring and data collection system to the acquired portfolio of projects.

Amplus specializes in industrial and rooftop solar systems and serves more than 25 customers at over 200 locations under the brands Amplus Solar and M+ Solar. The company has recently commissioned a rooftop solar installation of 4 MW for Yamaha Motors.

SunEdison has been scouting for buyers for the past few months to sell its solar and wind project portfolios, which are believed to be poorly capitalized. Several large private investors have shown interest in acquiring SunEdison’s assets, including Adani Green Energy. SunEdison has 700 MW of installed solar capacity in India to date and about 1.7 gigawatts of under-construction projects. The company is in need of equity for completing the committed projects in India.