Global solar technology manufacturer SunEdison Monday said it has entered into an agreement with OMC Power to develop 5,000 rural electrical projects across India in the coming three to five years involving a total 250 MW of electricity.
According to the US based company, the partnership leverages the expertise of both the companies including technical know-how, local and telecom knowledge from OMC and project development and financing expertise from SunEdison.
OMC Power builds small-scale power plants with renewable sources where there is no reliable power grid.
"Solar electricity costs have come down dramatically and continue to come down, thus making it a better choice than conventional fossil sources. We don't have to make a false choice between cost and clean power any more.
While a 1 gigawatt (GW) coal power plant can take three to four years to be developed and constructed, and a nuclear power plant of similar capacity can take five to ten years, a solar photovoltaic power plant can be developed and built in less than a year and can compete on costs," SunEdison CEO and president Ahmad Chatila said in a statement.
According to the company, approximately 400 million people in India have no access to electricity, and even for those who do, the only options are often unreliable and expensive fossil fuel-based solutions.
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Building upon the 36 kW micro power plants OMC Power has already put in place across India as part of a sustainable and reliable rural electrification plan, this partnership will quickly bring electricity to 10 million additional people.
"SunEdison is currently building 60 mini grids across India - this initiative will further accelerate our efforts towards the prime minister's energy vision of making electricity available 24 hours a day, 365 days a year," said the company's Asia Pacific operations president Pashupathy Gopalan.