SunEdison and Rajasthan Government Sign Memorandum of Understanding for 5 Gigawatts (GW) of Solar PV
JAIPUR, India and CHENNAI, India, Oct. 28, 2014 /PRNewswire/ -- SunEdison, Inc., (NYSE: SUNE), a leading global solar technology manufacturer and provider of solar energy services, today signed a Memorandum of Understanding (MOU) with the Rajasthan Government aimed at developing Rajasthan as the global hub for solar energy. SunEdison intends to establish 5 GWs of capacity in the form of multiple Mega Solar Projects, with the expected capacity of each Mega Solar project 500 megawatts (MW) or more. The MOU comes at an opportune time following the new Solar Policy announced by the Government of Rajasthan, which aspires to create 25 GW of solar capacity in the state in the next few years. The MOU was signed by the honorable Chief Minister Smt. Vasundhara Raje Scindia.
"Under the dynamic leadership and vision of the honorable Chief Minister, Smt. Vasundhara Raje Scindia, this MOU paves the way for socially and environmentally responsible economic growth and prosperity in the State of Rajasthan," said Pashupathy Gopalan, president, Asia Pacific Operations. "SunEdison is honored to be able to contribute its world leading technology and deployment capabilities to support the emergence of India as a global solar energy leader under the vision and leadership of the honorable Prime Minister, Shri Narendra Modi and the honorable Energy Minister, Shri Piyush Goyal."
Mr. Gopalan reiterated SunEdison's commitment to India by saying: "SunEdison is committed to the long term development of India's solar program and supports its quest for energy security. In support of this initiative we are building local and global partnerships to ensure India is at the cutting edge of solar technology and can provide its citizens with clean, reliable, affordable energy solutions."
SunEdison intends to create state-of-the-art solar facilities to generate and supply solar energy to various organizations inside and outside the State of Rajasthan. Those who will receive renewable energy from the solar projects include nodal entities of the Central Government of the Union of India viz. Solar Energy Corporation of India, NTPC Vidyut Vyaparan Nigam Limited and Power Trading Corporation. SunEdison or SunEdison affiliates, including Yieldcos, are envisioned as the ultimate owner(s) of the solar projects.
The Government of Rajasthan will facilitate the identification of government land suitable for the development of solar photovoltaic (PV) projects as well as allot land on a long-term lease in accordance with the applicable policies of the state government. Additionally, the Government of Rajasthan will create and provide the necessary electricity interconnection infrastructure. In order to complete these requirements, the government has tasked the Rajasthan Renewable Energy Corporation with expediting and facilitating the allotment of land and all other requisite permits and approvals for establishment of the solar PV projects.
As a thought leader in the solar industry, SunEdison will also assist in the development of strategies and policies to facilitate the large scale replacement of existing electric and diesel water pumps with solar powered water pumps via innovative financing and business models. In doing so, farmers will be able to increase their incomes by harvesting crops using the sun's energy instead of falling victim to ground water depletion and electricity subsidy issues.
SunEdison already has a strong presence in Rajasthan, with over 50 MW's of large solar generation capacity and more than 1000 solar water pump installations.
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 Memorandum of Understanding (MOU) is aimed at promoting solar energy to reduce the negative impact of fossil fuels on the environment, while simultaneously developing Rajasthan as the global hub for solar energy; SunEdison intends to establish 5 GWs of capacity in the form of multiple Mega Solar Projects, with the expected capacity of each Mega Solar project 500 MW or more; SunEdison intends to create state-of-the-art solar facilities to generate and supply solar energy to various organizations inside and outside the State of Rajasthan; SunEdison or a SunEdison affiliate, including Yieldcos, are envisioned as the ultimate owner of the solar projects; the Government of Rajasthan will facilitate the identification of government land suitable for the development of solar PV projects as well as allot land on a long-term lease in accordance with the applicable policies of the state government; the Government of Rajasthan will create and provide the necessary electricity distribution infrastructure; the Government of Rajasthan has tasked the Rajasthan Renewable Energy Corporation with expediting and facilitating the allotment of land and all other requisite permits and approvals for establishment of the solar PV projects; SunEdison will also assist in the development of strategies and policies to facilitate the large scale replacement of existing electric and diesel water pumps with solar powered water pumps via innovative financing and business models; and farmers will be able to increase their incomes by harvesting crops using the sun's energy instead of falling victim to ground water depletion and electricity subsidy issues 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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