July 10, 2014
SunEdison, Inc. (NYSE:SUNE), a leading global solar technology manufacturer and provider of solar energy services, announced a new project that will install 159 kilowatts (kW) of solar PV micro-grids with battery storage in six remote Indian villages, which will bring electricity to, and thereby improve health and education for, 4,875 off-grid people. Working with the Government of India's Rural Electrification Corporation (REC) and the Madhya Pradesh Urja Vikas Nigam state agency, SunEdison will build, operate and then transfer the facilities to a public entity after five years, giving the freedom of renewable, reliable energy to those who need it the most.
"Solar is often the most practical solution in India's remote areas and building micro-grids allows for scalability as the need grows," said Pashupathy Gopalan, president of SunEdison Asia Pacific, Middle East and South Africa. "The project isn't just about economics, as part of our SunEdison Eradication of Darkness (SEED) initiative we take into account the long term social and environmental impact as well. We believe that a collaborative approach, where private enterprise works closely with the government sector, is a winning model for future solar development in the region."
SunEdison will begin construction of the micro-grids in September 2014 after the seasonal monsoon rains subside and commission them by December 2014. The project will be completed under the REC's decentralized distributed generation scheme, which enables remote communities to generate the clean, reliable energy essential for their development through small, off-grid systems located in the community, rather than depend on expensive and time-intensive public infrastructure expansion.
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 159 kW of power which will improve access to quality healthcare, education, and food and water for 4,875 off-grid people; SunEdison will build, operate and then transfer ownership of the facilities after five years; and SunEdison will begin construction of the micro-grids in September 2014 and commission them by December 2014. 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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