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.
About SunEdison
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.
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SOURCE SunEdison, Inc.