SunEdison (NYSE:SUNE), a 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.
The company expects to take advantage of the 2012 Accelerated Depreciation Benefit for Solar and intends to enable businesses investing in the Tirunelveli Solar Park get 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.
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.
“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.”
The 80-acre solar power plant which is in Munanjipatti near Tirunelveli, Tamil Nadu, will be managed by the SunEdison Renewable Operation Center (ROC), which provides global 24/7 asset management, monitoring and reporting services. Data collected from the ROC is used to continuously improve the company’s products, project designs and service offerings.