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 solar worldwide.
"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 businesses."
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.
About SunEdison 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.