CHENNAI, India, July 23, 2015 /PRNewswire/ -- SunEdison, Inc. (NYSE: SUNE), the world's largest renewable energy development company, today announced that it has signed a long-term power purchase agreement with Tata Power Delhi Distribution Limited (TPDDL) to provide 180 megawatts (MW) AC of utility-scale solar power for the people of New Delhi. TPDDL is the largest electricity distribution utility in Delhi, and provides power to over 6 million people in India's capital city. This is the largest agreement that SunEdison has signed under the open access solar framework, which allows renewable energy providers to sell energy directly through the national grid to end customers.
"This 180 MW of solar power demonstrates that good things happen when you bring two of India's largest energy brands together," said Pashupathy Gopalan, SunEdison president of Asia-Pacific and Sub-Saharan Africa. "The people of New Delhi will benefit from clean, reliable and affordable energy as a result of this project. This project makes a direct and powerful contribution towards India's goal of generating 100 gigawatts of solar power by 2022."
"Renewable energy is a big focus for TPDDL, and signing this power purchase agreement with SunEdison highlights our commitment," said Praveer Sinha, Tata Power Delhi Distribution's CEO and managing director. "SunEdison is a globally renowned company and we are sure that our partnership will pave the way for a new wave of projects to support India's renewable energy mission."
The solar power plants for this project will be built in Madhya Pradesh and are expected to supply TPDDL with electricity over the next 20 years. The plants are projected to generate 375,000 megawatt-hours a year, and eliminate the emission of approximately 300,000 metric tons of carbon dioxide per year, equivalent to taking more than 54,000 cars off the road.
The operation and maintenance of the solar power plants will be performed by SunEdison Services, which provides 24/7 asset management, monitoring and reporting services.
SunEdison is the world's largest renewable energy development company and is transforming the way energy is generated, distributed, and owned around the globe. The company develops, finances, installs, owns and operates renewable power plants, delivering predictably priced electricity to its residential, commercial, government and utility customers. SunEdison is one of the world's largest renewable energy asset managers and provides customers with asset management, operations and maintenance, monitoring and reporting services. Corporate headquarters are in the United States with additional offices and technology manufacturing around the world. SunEdison's common stock is listed on the New York Stock Exchange under the symbol "SUNE." To learn more visit www.sunedison.com.
About Tata Power Delhi Distribution Limited
Tata Power Delhi Distribution Limited [TPDDL] is a joint venture between Tata Power and the Government of National Capital Territory (NCT) of Delhi with the majority stake being held by Tata Power (51%). TPDDL distributes electricity in North & North West parts of Delhi and serves a populace of 6 million. The company started operations on July 1, 2002 post the unbundling of the erstwhile Delhi Vidyut Board (DVB). With a registered consumer base of 1.40 million and a peak load of around 1704 MW, the company's operations span across an area of 510 sq kms.
Forward Looking Statements
Certain matters discussed in this press release are forward-looking statements, including: the people of New Delhi will benefit from clean, reliable and affordable energy as a result of this project; the solar power plant will be built in Madhya Pradesh and is expected to supply TPDDL with electricity over the next 20 years; and the plants are projected to generate 375,000 megawatt-hours a year, and eliminate the emission of approximately 300,000 metric tons of carbon dioxide per year, equivalent to taking more than 54,000 cars off the road. 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.