US company SunEdison, Inc., one of the world’s largest global renewable energy development companies, has announced it has signed a Memorandum of Understanding (MoU) with the provincial government of Tamil Nadu in India to develop 2 gigawatts of wind and solar energy in the next 5 years. The 2 gw are part of SunEdison’s larger plan to develop 15.2 gw of renewable energy in India by 2022.
“SunEdison is dedicated to furthering India’s renewable energy program, and has committed to develop and construct 15.2 gigawatts of clean and cost-effective wind and solar power projects in the country by 2022,” stated Pashupathy Gopalan, SunEdison’s president of the Asia-Pacific and Sub-Saharan Africa regions, in a statement. Gopalan signed the MoU at the Tamil Nadu Global Investors Meet at the Chennai Trade Center with Tamil Nadu Chief Minister Ms. Jayalalithaa.
SunEdison First American Solar Contract
SunEdison develops, finances, installs, owns and operates renewable power plants, delivering predictably priced electricity to its residential, commercial, government and utility customers. The company is also one of the world’s largest renewable energy asset managers and provides customers with asset management, operations and maintenance, monitoring and reporting services.
That SunEdison wants a piece of the Indian renewable energy action is understandable since the country has one of the most aggressive clean energy goals in the world. India has gone on record to say that it plans to have an installed capacity of 100 gw of solar capacity by 2022.
Massive Electrification Expansion
Of the 1.25 billion people living in India, at least 400 million lack access to electricity, according to one World Bank report.
Investments are pouring in from around the world, across the private sector, and from the Indian Government, too, into India’s clean energy and renewable projects. The US Agency for International Development (USAID), some months, ago, handed over $41 million to fund renewable energy efforts in India, and an additional $8 million to fund innovation and research in the clean energy sector. This was after President Barack Obama signed agreements to fund Indian clean energy projects on his visit there earlier this year.
Opportunity For More American Solar in India
Indian Prime Minister Narendra Modi will likely to take part in a round table discussion on green energy when he visits the US later this month to attend the United Nations General Assembly meeting.
The round table is being organized by the Indian Ministry of External Affairs against the backdrop of a World Trade Organization (WTO) panel’s ruling against India in a dispute raised by the US over the country’s solar power program.
According to data from India’s Ministry of New and Renewable Energy, 4,089 megawatts of renewable energy capacity were added from 2014 to 2015, which was more than 8.5% than the targeted 3,770 mw. By the end of June 2015, India had 4 gw total of solar capacity.