US-based renewable energy firm SunEdison Tuesday signed an agreement with the Karnataka government to generate 5 gigawatt (GW) of power over the next five years.
“Energy from our projects will be cost competitive with coal-based electricity without subsidies or incentives and will ease the power deficit in the state,” a top company official said.
As part of the agreement, SunEdison will provide requisite technology and financing expertise to build a mix of solar photovoltaic and wind energy power plants across the state.
“Our renewable plants will supply electricity, which will be sold under power purchase agreements (PPAs) to distribution firms, utilities in the state, entities of the central government and third-party off takers within and outside the state,” SunEdison’s Asia-Pacific president Pashupathy Gopalan told reporters here.
The company’s projects will also provide power to people across the state where electricity is not yet supplied.
The state government will soon provide its land to the company and infrastructure to connect its power projects to the state grid, as the pact envisages generating 1,000-1,500 megawatt (MW) before December 2016.
“Karnataka’s energy policy paves way for socially and environmentally responsible economic growth and prosperity by addressing the energy needs of utility customers, distributed generation customers, and farmers who can benefit from solar water pumps for irrigation,” Gopalan noted.
SunEdison’s chief executive Ahmad Chatila and Chief Minister Siddaramiah were present at the agreement signing ceremony.
As a global leader in generating and distributing clean and green energy, SunEdison manufactures solar technology and develops, finances, installs and operates distributed solar power plants, delivering electricity and services to residential, commercial, state and utility customers in North America, Europe, Latin Africa and Asia.
IANS