SunEdison Inc is in talks to sell minority stakes in its India solar projects to Finland’s Fortum, two sources said, as the U.S. firm seeks funds to finish proposed plants in India amid bankruptcy concerns at home.
Fortum, a state-controlled utility, said on Tuesday it planned to invest 200 million to 400 million euros ($225 million to $450 million) in solar projects in India and would look at developing large new projects or consider partnerships.
Fortum is interested in taking stakes in SunEdison’s projects, including a proposed 500-megawatt (MW) plant in Andhra Pradesh state it won last November after an aggressive bid, said the two sources with knowledge of the matter.
Fortum spokeswoman Sophie Jolly declined to confirm any talks with SunEdison, but said it was “normal that there would be rumours and speculation around our interest in any solar, and particularly now in India”.
A SunEdison spokesman in India did not immediately respond to requests seeking comment. It has around 600 MW of projects constructed and financed in India, with plans to build another 1,700 MW in the coming year, according to one of the sources.
SunEdison has also drawn preliminary interest from Indian billionaire Gautam Adani’s fast-expanding Adani Group, though a person close to Adani said the low tariff agreed for the Andhra plant will make any deal difficult for Indian firms.
Heavily indebted SunEdison, once the fastest growing renewable energy developer in the United States, could soon file for bankruptcy protection, according to one of its publicly listed units.