SunEdison Accelerates Mission of Bringing Power to Remote Areas with Latest India Projects
- 241 kW of Photovoltaic (PV) Micro-grids will Transform Nearly 8,000 Lives in 54 Remote Villages
- Separate Grant for Farmers to Purchase Solar Water Pumps will Help Approximately 200 Families
BELMONT, California and CHENNAI, India, Sept. 22, 2014 /PRNewswire/ -- SunEdison, Inc. (NYSE:SUNE), a leading global solar technology manufacturer and provider of solar energy services, today announced a new project that will install 241 kilowatts (kW) of solar PV micro-grids with battery storage in 54 remote Indian villages, bringing cost effective electricity access to 7,800 off-grid individuals. Under the Indian government's decentralized distribution generation scheme administered by the Rural Electrification Corporation (REC) and Andhra Pradesh Eastern Power Distribution Company Limited (APEPDCL), SunEdison will build, operate and then transfer the facilities to the public within five years, putting the power of energy generation into the hands of the people.
"Rough terrain and limited road access make this project the most difficult rural installation SunEdison has attempted to date, but it isn't just about logistics or economics for us; it's about creating positive, long term social and environmental impact as well," said Pashupathy Gopalan, president of SunEdison Asia Pacific. "More and more businesses and organizations are understanding that this triple bottom line approach is working, and they are joining us in bringing clean energy to those who need it most."
SunEdison also announced today a new grant to enable 200 salt farmers in the Little Runn of Kutch area of India to purchase solar water pumps. The solar water pumps will be used by the families to pump brine and ultimately to produce salt. The salt farmers have been using diesel powered pumps, but rising diesel fuel prices have eroded their income and driven many of them into poverty. The grant was made to the Grassroot Trading Network for Women, a not-for-profit company promoted and owned by the nearly 2 million member strong Self Employed Women's Association (SEWA) of India.
SunEdison will begin construction of the mini-grids in October 2014 and plans to commission them by March 2015. Capacity building and installation of the solar water pmps will begin in November of this year. Both projects are part of the SunEdison Eradication of Darkness (SEED) program, an initiative funded by the SunEdison Foundation to bring sustainable energy to the billions of people globally who lack the electricity critical for healthcare, sustenance, and education.
About SunEdison
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 customers. 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 Exchange under the symbol "SUNE." To learn more visit www.sunedison.com.
Forward Looking Statements
Certain matters discussed in this press release are forward-looking statements, including that the project will generate a total of 241 kW of power which will improve access to quality healthcare, education, and food and water for 7,800 off-grid people; SunEdison will build, operate and then transfer ownership of the facilities after five years; SunEdison will begin construction of the mini-grids in October 2014 and commission them by March 2015, and capacity building and installation of the solar water pumps will begin in November of this 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.
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