CHENNAI, India, Feb. 4, 2015 /PRNewswire/ -- SunEdison, Inc. (NYSE: SUNE), the world's largest renewable energy company, and Brakes India Limited (BIL), a leading manufacturer of Automotive and Non-Automotive Braking Systems and Ferrous Castings in India, today announced that they have installed a solar power plant that will generate 7.72 megawatts of electricity at Brake India's facilities in Munanjipatti in the state of Tamil Nadu.
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"We are proud to be working with the leading automotive supplier Brakes India to lower their carbon emissions and electricity costs," stated Pashupathy Gopalan, President of SunEdison Asia-Pacific. "Solar is a great way for commercial consumers in Tamil Nadu to generate reliable, low cost electricity." Mr. Gopalan added: "This system also happens to be the largest solar power plant built to date under the Group Captive Scheme in India."
"SunEdison was an obvious choice for Brakes India when we began our search for procuring solar power," said S. Kesavan, CEO of Brakes India. "SunEdison's size, scale, technology and track record of delivering worry-free solar were all very convincing factors in our decision. This SunEdison system is built with state-of-the-art trackers which will allow us to harness more energy from the sun. This collaboration with SunEdison strongly supports our commitment to clean and renewable energy."
Brakes India approached SunEdison to develop this project to be in compliance with the Solar Purchase Requirement set out by Tamil Nadu Electricity Regulatory Commission (TNERC) and the Tamil Nadu Generation and Distribution Corporation Limited (TANGEDCO), which states that high tension wire customers must source 6% of their energy use from solar.
SunEdison will provide financing and install the solar system, which features advanced trackers and high efficiency solar panels to maximize the amount of electricity generated. The system will generate more than 14 million kWh of electricity a year, which will offset more than 6% of Brakes India's electricity use. The system is built in accordance with the Group Capture Scheme legislation that was introduced by the Electricity Act of 2003, which allows customers to purchase electricity directly from an independent power provider without involving the local energy distribution company.
About Brakes India Limited:
A joint venture between TVS Group and Lucas Industries Ltd (part of TRW), Brakes India Limited is the leading manufacturer of Automotive and Non-Automotive Braking Systems and Ferrous Castings in India. A strong in-house Research & Development, coupled with access to world-class technology through collaboration and affiliations worldwide enables Brakes India to provide the Best Braking Solutions and Castings to its customers. With 10 manufacturing locations across the country, the Sales Turnover exceeds Rs. 30 billion, with exports accounting for Rs. 6.6 billion. For more information: www.brakesindia.com.
About SunEdison
SunEdison is the world's largest renewable energy development company and is transforming the way energy is generated, distributed, and owned around the globe. The company manufactures solar technology and develops, finances, installs, owns and operates wind and solar power plants, delivering predictably priced electricity to its residential, commercial, government and utility customers. SunEdison is one of the world's largest renewable energy asset managers and provides asset management, operations and maintenance, monitoring and reporting services for its renewable energy customers around the world. Corporate headquarters are in the United States, with additional offices around the world. SunEdison's common stock is listed on the New York Stock Exchange under the symbol "SUNE." To learn more visit www.sunedison.com.
Forward Looking Statements
Certain matters discussed in this press release are forward-looking statements, including the solar system will generate more than 14 million kWh of electricity a year, which will offset more than 6% of Brakes India's electricity use. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Potential risks and uncertainties include changes in applicable regulatory requirements and incentives for production of solar power; and general business and economic conditions, including seasonality of the industry, and other risks described in SunEdison's filings with the United States Securities and Exchange Commission. These forward-looking statements represent SunEdison's judgment as of the date of this press release. SunEdison disclaims, however, any intent or obligation to update these forward-looking statements.
