BELMONT, Calif. and DELHI, India, Jan. 12, 2015 /PRNewswire/ -- SunEdison, Inc. (NYSE: SUNE), a leading solar technology manufacturer and provider of solar energy services, and Omnigrid Micropower Company Pvt. Ltd. (OMC Power), the first power company to transform the provision of electricity in rural India into a commercially viable, sustainable and scalable business, today announced that they have signed a framework agreement to develop 5,000 rural projects, representing 250 megawatts (MW) of electricity, throughout India over the next three to five years.
Approximately 400 million people in India have no access to electricity, and even for those who do, the only options are often unreliable and expensive fossil fuel-based solutions. Building upon the 36 kW micro power plants OMC Power has already put in place across India as part of a sustainable and reliable rural electrification plan, this partnership will quickly bring electricity to 10 million additional people.
"There are approximately 1.5 billion people that do not have access to electricity and another 1.5 billion people that don't have reliable, 24/7 electricity. What is most exciting about this partnership is that SunEdison is embarking on its purpose of transforming lives in a very big way," said Ahmad Chatila, President and Chief Executive Officer of SunEdison. "Solar electricity costs have come down dramatically and continue to come down, thus making it a better choice than conventional fossil sources. We don't have to make a false choice between cost and clean power any more. While a 1 gigawatt (GW) coal power plant can take 3 to 4 years to be developed and constructed, and a nuclear power plant of similar capacity can take 5 to 10 years, a solar photovoltaic power plant can be developed and built in less than a year and can compete on costs."
Pashupathy Gopalan, President of SunEdison's Asia Pacific Operations added: "SunEdison is currently building 60 mini grids across India - this initiative will further accelerate our efforts towards the Honourable Prime Minister's Energy Vision of making electricity available 24 hours a day, 365 days a year. We will not rest till we have changed the lives of the hundreds of millions of people around the world who are underserved and underprivileged."
SunEdison and OMC Power have a proven and ready-to-scale solution that will provide reliable electricity for many poor communities. The partnership leverages the expertise of each company, including technical know-how, local and telecom knowledge from OMC and project development and financing expertise from SunEdison. SunEdison and OMC have an offering that can help telecommunication organizations meet their regulatory requirements and provide energy to local communities while still going off-grid.
The co-founders of OMC Power, Anil Raj and Rohit Chandra, said: "Our Renewable Energy Services Company model is a proven and commercially viable approach which provides an immediate and substantial improvement in the quality of life in energy-deprived areas, while stimulating economic growth and prosperity. Our agreement with SunEdison is a huge step forward both for our company and for the people of rural India."
To find out more about the SunEdison Eradication of Darkness mission, watch this video http://youtu.be/f4Y0RbSn52Y.
To see how the SunEdison Solar Water Pump is transforming lives in India, watch this video http://youtu.be/r8Rnmm932a4.
To find out more about how SunEdison views the future of energy, watch this video: http://youtu.be/iQIqFfMxN3s.
SunEdison is a global leader in transforming how energy is generated, distributed and owned. SunEdison manufactures solar technology and develops, finances, installs and operates distributed solar power plants, delivering predictably priced electricity and services to its residential, commercial, government and utility consumers. SunEdison also provides 24/7 asset management, monitoring and reporting services for hundreds of solar systems worldwide via the company's Renewable Operation Center (ROC). SunEdison has offices in North America, Europe, Latin America, Africa, India and Asia. SunEdison's common stock is listed on the New York Stock Exchanges under the symbol "SUNE." To learn more visit www.sunedison.com.
About OMC Power
OMC is the first power company to transform the provision of electricity in rural India into a commercially viable, sustainable and scalable business. Its Micropower Plants – small-scale, local power plants using renewable energy sources – vastly improve the quality of life and stimulate economic growth and prosperity in the rural areas where they are being deployed.
Since launching OMC Power has received numerous accolades:
- In December 2014 it was named as the Rising Star at the 2014 Platts Global Energy Awards which honor and recognize those who have transcended the status quo in the name of excellence in leadership, innovation and performance in the energy industry.
- The World Economic Forum named it as 2014 Technology Pioneer – recognising OMC Power as one of the most innovative technology start-ups with the potential to transform the future of business and society.
- At The Global Telecoms Business Innovation Awards in 2013 OMC Power was awarded the "Best Consumer Service Innovation Award"
- In May 2013 OMC won the Climate Group's off-grid energy competition
- Also in 2013 OMC Power was the winner of the "Operational Excellence – Tower Development" category at the annual awards of The Economic Times, India's leading business newspaper. These awards recognise outstanding Indian companies, leaders and entrepreneurs.
Forward Looking Statements
Certain matters discussed in this press release are forward-looking statements, including entry into a framework agreement to develop 5,000 rural projects, representing 250 megawatts (MW) of electricity, throughout India over the next three to five years; this partnership will quickly bring electricity to 10 million additional people; and SunEdison and OMC have an offering that can help telecommunication organizations meet their regulatory requirements and provide energy to local communities while still going off-grid. 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.