MUMBAI, India, April 18, 2012 /PRNewswire/ -- SunEdison, a leading worldwide solar energy services provider and subsidiary of MEMC Electronic Materials, Inc., announced the activation of a 25 Megawatt (MW) solar photovoltaic (PV) power plant located within a multi-developer, multi-facility solar park at Charanka village in Patan district, Gujarat, India. The project, which was completed in four months, is comprised of more than 89,000 solar PV modules. With the completion of this plant, SunEdison has now activated a total of 45MW as part of the Gujarat Solar Program.
The 25MW solar power plant, which is expected to be inaugurated by the Honorable Chief Minister of Gujarat, Shri Narendra Modi, on April 19, 2012, is expected to produce more than 40 million kilowatt hours of clean solar energy in the first year of operation alone.
Commenting on the activation of the solar plant, Pashupathy Gopalan, Managing Director, South Asia and Sub-Saharan Operations, SunEdison said, "SunEdison takes pride in being an active contributor to the largest solar power producing state in India. Owing to the state's progressive solar policies, we are confident we can help make Gujarat the national solar hub for India."
Setting a benchmark for solar project developments in India, the multi-facility solar park is currently home to approximately 200 MW of solar power generation capacity. Spread over 1,000 acres, the solar park was established as a part of the state government's new solar policy and is touted by the Gujarat government as the first-ever project in Asia to address the problems of climate change.
Providing multiple benefits for the local populace and region, solar parks are becoming instrumental in harnessing solar energy in India.
Due to statutory ownership requirements in India, SunEdison intends to continue to own a portion of this 25MW project, and accordingly the project is intended to be held for at least the statutory period and will be consolidated on MEMC's balance sheet during this time.
SunEdison is a global provider of solar-energy services. The company develops, finances, installs and operates distributed power plants using proven photovoltaic technologies, delivering fully managed, predictably priced solar energy services for its commercial, government and utility customers. In 2011 SunEdison interconnected approximately 300 Megawatts of solar throughout the world. For more information about SunEdison, please visit www.sunedison.com.
MEMC is a global leader in semiconductor and solar technology. MEMC has been a pioneer in the design and development of silicon wafer technologies for 50 years. With R&D and manufacturing facilities in the U.S., Europe and Asia, MEMC enables the next generation of high performance semiconductor devices and solar cells. Through its SunEdison subsidiary, MEMC is also a developer of solar power projects and a worldwide leader in solar energy services. MEMC's common stock is listed on the New York Stock Exchange under the symbol "WFR". For more information about MEMC, please visit www.memc.com.
Certain matters discussed in this press release are forward-looking statements; including that the 25MW solar power plant is expected to produce more than 40 million kilowatt hours of clean solar energy in the first year of operation alone; and that SunEdison intends to continue to own a portion of this 25MW project, and that it will be held for at least the statutory period and consolidated on MEMC's balance sheet during this time. Potential risks and uncertainties include concentrated project development risks related to large scale solar projects; the availability of attractive project finance or other capital, including equity capital; delays or interruptions in construction, deployment or activation; the timely availability of required permits and authorizations for projects from governmental entities and third parties; changes in applicable regulatory requirements and incentives for production of solar power; and general business and economic conditions, including seasonality of the industry. These forward-looking statements represent SunEdison's judgment as of the date of this release. SunEdison disclaims, however, any intent or obligation to update these forward-looking statements.