SunEdison, Inc. (NYSE: SUNE), a leading global solar technology manufacturer and provider of solar energy services, today announced that it has won 5 solar photovoltaic (PV) projects totaling 150 megawatts (MW) from Karnataka Renewable Energy Development Limited (KREDL) as announced by the Government of Karnataka. SunEdison or SunEdison affiliates, including Yieldcos, are envisioned as the ultimate owner(s) of these solar projects, and will sell the electricity generated to various entities via Power Purchase Agreements (PPA's).
"This is yet another milestone in the journey of SunEdison in India to build a strong pipeline of projects that will be developed and commissioned in the coming years," said Pashupathy Gopalan, president Asia Pacific Operations, adding that the PPA's are likely to be signed in the next two to three months.
While 44 developers responded to KREDL's tender for 500 MW of grid-connected solar power plants, SunEdison's 150 MW represents the largest share awarded to any single company. Following SunEdison's recent announcement of a Memorandum of Understanding (MOU) for 5 gigawatts (GW) with the Rajasthan Government, this award solidifies SunEdison's position as the clear leader in India's rapidly growing solar market.
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 and Asia.
The Karnataka Renewable Energy Development Limited (KREDL), is an organization working under the purview of Energy Department, Government of Karnataka. The objectives of the KREDL are to promote renewable energy in the State and to initiate all necessary actions for Energy Conservation in the State. The KREDL works through various Governmental Agencies, Private Organizations, NGO's and Accredited Energy Auditors.