18 MW Solar Park From SunEdison India Enables Tamil Nadu Businesses To Reap
Financial Benefits Of Utility-Scale Solar
Innovative Business Model Helps India Businesses Safely Invest in Solar While
Driving Growth for SunEdison
CHENNAI, India and BELMONT, Calif., Feb. 25, 2014
CHENNAI, India and BELMONT, Calif., Feb. 25, 2014 /PRNewswire/ --SunEdison
(NYSE: SUNE), a leading solar technology manufacturer and provider of solar
energy services, today announced that it has commenced full-time operations at
its 18 MW (megawatt) Tirunelveli solar power plant in Tamil Nadu. The park is
designed to help commercial and industrial businesses easily own a solar park.
SunEdison relied on its global experience to select a site, obtain permits,
design and build a unique solar park that allows businesses to procure as much
solar electricity as they desire without having to become solar experts.
Thanks to the 2012 Accelerated Depreciation Benefit for Solar tax law and
competitively priced solar power through the Open Access program, businesses
investing in the Tirunelveli Solar Park can expect a rapid return on their
investment. The Accelerated Depreciation Benefit allows businesses in India
to receive 100% depreciation on solar assets in the first year after purchase.
The Open Access program allows developers to sell Renewable Energy Credits.
Businesses that purchase part of the Tirunelveli Solar Park can typically
expect payback of their equity investment as a tax credit within the first
year. Power generated by their portion of the Tirunelveli Solar Park will be
fed into the local electricity grid to offset their electricity bills. The
Tirunelveli Solar Park locks in electricity pricing for 25 years, protecting
owners from the rising costs of fossil fuel generated electricity.
Building a solar park requires expertise outside of most businesses' core
competencies such as procuring appropriate land, obtaining necessary permits
and designing a profitable solar electricity plant. SunEdison is solving this
issue by offering a secure, turnkey solution based on the knowledge the
company has amassed interconnecting 1.4 GW (gigawatts) and operating 1.9 GW of
"The Tirunelveli Solar Park is a tremendous growth opportunity for our company
because it allows us to reach a new customer base of businesses," noted
Pashupathy Gopalan, President, SunEdison, Asia Pacific, GCC and South Africa.
"We're offering a turnkey solution that allows commercial and industrial
businesses to take advantage of renewable tax incentives with minimal effort.
We've developed this model to make solar a hassle-free investment for
Every aspect of the plant is designed to maximize return on investment for its
owners. For example, the plant includes SunEdison AP90 single-axis trackers,
which are designed to maximize electricity harvest by following the sun
throughout the day. Additionally, the AP90 is designed to significantly
shorten installation times and reduce construction and maintenance costs.
The 80-acre solar power plant which is in Munanjipatti near Tirunelveli, Tamil
Nadu, will be managed by the SunEdison Renewable Operation Center (ROC), which
provides global 24/7 asset management, monitoring and reporting services. Data
collected from the ROC is used to continuously improve the company's products,
project designs and service offerings.
About SunEdison India
SunEdison works with state governments, commercial and industrial customers,
and other blue chip companies in India to design innovative and affordable
solar solutions for their energy requirements. SunEdison's Eradication of
Darkness Program includes off-grid rural electrification, a solar water pump
product line and philanthropic efforts. SunEdison India also developed a 1 MW
solar power plant suspended over the Narmada Canal and executed the first
Solar PPA in India commissioned at Standard Chartered Bank, Chennai. In 2012
the Independent Power Producers Association of India (IPPAI) named SunEdison
"The Best Solar Power Producer" of the year.
SunEdison is a global leader in semiconductor and solar technology, and a
leading solar energy services provider dedicated to transforming lives through
innovation. SunEdison provides innovative, advanced technology solutions to
corporations, utilities, governments and leading chip manufacturers to
transform lives around the world. With R&D and manufacturing facilities in the
U.S., Europe and Asia, the company focuses on innovation throughout our
business. We carry this commitment throughout our global sales, manufacturing
and support organizations.
SunEdison common stock is listed on the New York Stock Exchange under the
symbol "SUNE." For more information please visit www.sunedison.com
Forward Looking Statements
Certain matters discussed in this press release are forward-looking
statements; including that Tirunelveli Solar Park owners can typically expect
a return on equity within the first year. Such statements involve certain
risks and uncertainties that could cause actual results to differ materially
from those in the forward-looking statements. Potential risks and
uncertainties include changes in applicable regulatory requirements and
incentives for production of solar power; and general business and economic
conditions, including seasonality of the industry, and other risks described
in SunEdison's filings with the United States Securities and Exchange
Commission. These forward-looking statements represent SunEdison's judgment as
of the date of this press release. SunEdison disclaims, however, any intent or
obligation to update these forward-looking statements.
SOURCE SunEdison, Inc.
Contact: Media Relations: SunEdison India, Vishwa Dave, VDave@sunedison.com,
9884716685; Media Relations: SunEdison U.S.A, Dawn Brister,
firstname.lastname@example.org, +1 (650) 453-5685; Investor Relations: SunEdison,
Chris Chaney, email@example.com, +1 (636) 474-5226; 20:20 MSL for
SunEdison India, Zamira Tasneem, Zamira.firstname.lastname@example.org, 9790908177
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