18 MW Solar Park From SunEdison India Enables Tamil Nadu Businesses To Reap Financial Benefits Of Utility-Scale Solar
CHENNAI, India and BELMONT, Calif., Feb. 25, 2014 /PRNewswire/ — SunEdison (NYSE: SUNE), a leading solar technology manufacturer and provider of solar energy services, today announced that it has commenced full-time operations at its 18 MW (megawatt) Tirunelveli solar power plant in Tamil Nadu. The park is designed to help commercial and industrial businesses easily own a solar park. SunEdison relied on its global experience to select a site, obtain permits, design and build a unique solar park that allows businesses to procure as much solar electricity as they desire without having to become solar experts.
Thanks to the 2012 Accelerated Depreciation Benefit for Solar tax law and competitively priced solar power through the Open Access program, businesses investing in the Tirunelveli Solar Park can expect a rapid return on their investment. The Accelerated Depreciation Benefit allows businesses in India to receive 100% depreciation on solar assets in the first year after purchase. The Open Access program allows developers to sell Renewable Energy Credits. Businesses that purchase part of the Tirunelveli Solar Park can typically expect payback of their equity investment as a tax credit within the first year. Power generated by their portion of the Tirunelveli Solar Park will be fed into the local electricity grid to offset their electricity bills. The Tirunelveli Solar Park locks in electricity pricing for 25 years, protecting owners from the rising costs of fossil fuel generated electricity.
Building a solar park requires expertise outside of most businesses’ core competencies such as procuring appropriate land, obtaining necessary permits and designing a profitable solar electricity plant. SunEdison is solving this issue by offering a secure, turnkey solution based on the knowledge the company has amassed interconnecting 1.4 GW (gigawatts) and operating 1.9 GW of solar worldwide.
“The Tirunelveli Solar Park is a tremendous growth opportunity for our company because it allows us to reach a new customer base of businesses, ” noted Pashupathy Gopalan, President, SunEdison, Asia Pacific, GCC and South Africa. “We’re offering a turnkey solution that allows commercial and industrial businesses to take advantage of renewable tax incentives with minimal effort. We’ve developed this model to make solar a hassle-free investment for businesses.”