Boston, MA 07/11/2014 (wallstreetpr) – Sunedison Inc (NYSE:SUNE), the best-performing solar stock this year, is out in India for a noble course.
The company has announced a public-private sector collaboration with the Indian government through which it will bring clean energy to thousands of people who are currently off-grid in the country. The project targets the rural community.
According to Pashupathy Gopalan, the head of Sunedison Asia Pacific, Middle East and South Africa, the company will contract micro-grids with combined capacity of 159 kilowatts with battery storage. The project will bring electricity to nearly 5,000 people in six remote villages of India.
Sunedison Inc (NYSE:SUNE), working with the country’s rural electrification agency, REC, said the move will improve health and education in the targeted villages.
Gopalan further observed that the micro-grids allow for scalability, which is important to meet demand as the need grows.
According to the official, the project not only makes economic sense for Sunedison Inc (NYSE:SUNE), but is also part of the company’s initiative known as Sunedison Eradication of Darkness (SEED). The initiative takes into account the long-term environmental and social impact of the company’s activities.
The agreement
According to the terms of the agreement under the micro-grids solar project, Sunedison Inc (NYSE:SUNE) will build, own and operate the facilities and then transfer them to a public agency after five years.
As such, the project not only demonstrate a model through which people who need clean and reliable energy the most can get it, but also allows the company to expand its footprint in emerging markets.
Construction and commission
Sunedison Inc (NYSE:SUNE) said the construction of the 159 KW micro-grid facility will commence in September this year when the seasonal rains in the country subside. The project is expected to be commission before the end of this year, perhaps in December.
The micro-grids are thought of as cheap in terms of cost and time compared with the public infrastructure.
