SunEdison, a solar technology manufacturer and provider of solar energy services, has commenced operations at its 18 MW Tirunelveli solar park in Tamil Nadu.
The utility-scale solar plant is a landmark project as it enables many commercial and industrial businesses in Tamil Nadu easily own a solar park.
SunEdison says the solar park allows businesses to procure as much solar electricity as they desire without having to become solar experts.
Thanks to the Open Access program implemented by the state government, Tamil Nadu businesses investing in the Tirunelveli Solar Park can sell Renewable Energy Credits (RECs) at competitive price and earn rapid return on their investment in the solar park.
Also the 2012 Accelerated Depreciation Benefit for Solar allows businesses in India to receive 100 percent depreciation on solar assets in the first year after purchase. This means that businesses that invest in Tirunelveli Solar Park can typically expect payback of their equity investment as a tax credit within the first year.
The power generated by the portion of the Tirunelveli Solar Park will be fed into the local electricity grid to offset their electricity bills. Also 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,” said 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.”
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.