SunEdison plans to sell about 400 megawatts (MW) of solar power capacity in India for about $350 million. The move is part of an effort by the Maryland Heights-based solar company to improve its balance sheet, sources familiar with the matter tell Reuters.
SunEdison currently operates plants in India with 450 MW capacity, is developing another 800 MW worth of capacity and recently signed a tender for a 500 MW plant.
The company selling off some of its Indian assets is seen as an attempt to raise capital following a period of aggressive expansion. It is considered unlikely that SunEdison would retreat altogether from India, which is targeting a large increase in solar power generation by 2022.
Earlier this month, the company posted larger losses than expected for its fiscal third quarter.