Sun Edison LLC was founded in 2003 as a Delaware limited liability company and became a market leader in commercial scale roof-top PV installation under various state level solar regulatory support systems. It was bought by MEMC in November 20, 2009 (for approximately $340million) and is now one of the leading solar power services companies in North America, with global operations outside of North America, and has over 600 employees worldwide. As of March 31, 2011, SunEdison has interconnected over 425 solar PV systems representing 287MWs of solar PV capacity and has approximately 1.9GWs of projects in its pipeline. SunEdison currently has more than 450+ plants under O&M contracts, with such plants in the aggregate operating at more than the independent engineers’ expected capacity. SunEdison is a wholly owned subsidiary of MEMC Electronic Materials, Inc (“MEMC”), a pioneer in the design and development of wafer technologies for 50 years. MEMC trades as “WFR” on the NYSE and is part of the S&P500 Index. As of December 31, 2010, MEMC had total assets of $4.6 billion including $707 million of cash, and total liabilities amounting to $2.3 billion including $683 million of Short-term and Long-term debt. For the year ended December 31, 2010, MEMC generated revenues of $2.2 billion and realized a net income of $48 million. MEMC has Moody's rating of B and an S&P rating of BB, with a stable outlook.

IFC is proposing to make up to 15 % equity contribution to the needs of the Development Company, equivalent to approximately $55 million over the coming 12-18 months. In addition IFC considers providing A Loans in the following amounts: $20 million for the Indian project and $26 million for the four small Thai projects. The expected total project cost will be approximately in the range of $300 - 450 million for the five grid tied projects being debt-financed by IFC. In addition, IFC is considering supporting these projects with financing from the IFC Earth Fund, a platform of the GEF Earth Fund, and the Clean Technology Fund (a fund under the World Bank administered Climate Investment Funds) for the Thai projects.

55.0 million (USD)

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	55.0

* These investment figures are indicative

In India, the Alpha project 25MW facility will be located in the newly announced Gujarat Solar Park (being built by Gujarat Power Corporation Ltd (“GPCL”)). The Solar Park is located near Charanka village, in Santalpur Taluka, in the Patan District of Gujarat. As for the Thai projects: SunWat 1, an 9.6 MW facility will be in Saraburi; Sunwat 2, a 7.2MW facility in Sri Sa Ket ; SunWat 3, a 9.6 MW facility in Sri Sa Ket; and SunWat 4, a 9.6 MW facility, will be located in Roi Et.

(i) Demonstration effect of early non-recourse financing of solar PV in India, Thailand and other regional markets; and (ii) support early stages of regulatory reform by helping the regulators, private sector and Government improve and ensure sustainability of regulatory structures supporting solar; (iii) directly increase power generation by 0.1 Million GWh per year; and (iv) promote renewable energy in line with climate change strategy by displacing approximately 115,000 tons CO2 per year.

IFC additionality at the Development Company level has already and will continue to involve: i) introductions that led to the pipeline acquisition in Thailand and development opportunities in South Africa; and ii) support on regulatory and PPA issues in multiple territories. IFC Additionality at the project level includes: i) providing long-tenor non-recourse local currency financing under new regulatory schemes; ii) mobilizing local currency financing to complete the Project financial plan; iii) potential access to concessionary finance from the CTF in Thailand and South Africa and from other sources elsewhere in SSA as well as the other countries in which the development company operates, and iv) ensuring the incorporation of best practice environmental and social performance standards, in line with IFC's Performance Standard

The proposed investment in the Development Company and the five project companies is a Category B project because a limited number of specific environmental and social impacts may result, which can be avoided or mitigated by adhering to generally recognized performance standards, guidelines or design criteria.

While all Performance Standards are applicable to this investment, IFC’s environmental and social due diligence focused on the Company’s corporate-level ESHS management capacity and practices and issues related to the 2 sub-projects in India and 4 in Thailand to be directly financed under this operation in relation to the following Performance Standards: PS 1: Social and Environmental Assessment and Management System, PS 2: Labor and Working Conditions, and PS3: Pollution Prevention and Abatement.

Further details on the potential environmental and social impacts, corresponding mitigation measures, and guidance on how and where information about the Project can be obtained are provided in the IFC Environmental and Social Review Summary (ESRS) and the Environmental and Social Action Plan (ESAP).