Chennai, Tamil Nadu , India and Belmont, Calif., United States
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, which allows
developers to sell Renewable Energy Credits, businesses investing in the
Tirunelveli Solar Park can expect 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. 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 solar
“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, initiated with the implementation of an off-grid rural electrification
project in Meerwada, providing light to over 400 villagers and has grown to
include a solar water pump offering 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
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
Media Contact Details
Vishwa Dave , Media Relations , SunEdison India , +91-9884716685 ,
Dawn Brister , Media Relations , SunEdison U.S.A , +1 (650) 453-5685 ,
Chris Chaney , Investor Relations , SunEdison , +1 (636) 474-5226 ,
Zamira Tasneem , 20:20 MSL for SunEdison India , +91-9790908177 ,
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-0- Feb/26/2014 04:58 GMT
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