SkyPower Signs Power Purchase Agreement to Deliver 150 Megawatts of Solar Power to the Indian State of Madhya Pradesh

NEW DELHI, October 1, 2015 /PRNewswire/ --

SkyPower has entered into a long-term power purchase agreement (PPA) with the Government of Madhya Pradesh to provide 150 megawatts (MW) AC of utility-scale solar power to the Indian state.

"SkyPower is committed to making a powerful contribution to India's goal of generating 100 gigawatts of solar power by 2022," said Kerry Adler, SkyPower President and Chief Executive Officer. "India is leading the world in deploying solar, not only with its significant targets but by its very actions, and the people of Madhya Pradesh will benefit from clean, reliable and affordable energy as a result of the vision and leadership of this great state."

"Renewable energy is a big focus for the State of Madhya Pradesh and signing this power purchase agreement with SkyPower highlights our commitment," said Mr. Sanjay Kumar Shukla, IAS, Managing Director, M.P. Power Management Company Limited (MPPMCL).

"SkyPower is a globally renowned company and we are sure that our partnership will pave the way for a wave of solar energy projects to support India's renewable energy mission." The PPAs were signed with Dr. Navin Kumar Kohli, Addl. General Manager (IPC), MPPMCL.

The SkyPower team's vast experience and unique ability to leverage its global purchasing power permit us to provide solar power in India at truly market competitive rates whilst ensuring the highest quality construction and world-class execution.

The SkyPower team's vast global experience coupled with its proprietary development platform when combined permit us to provide solar power in India at truly market competitive rates whilst ensuring the highest quality construction and world-class execution using our global purchasing power and highly advanced systems and processes that have been developed by the SkyPower team over the past 12 years.

ABOUT SKYPOWER 

SkyPower is the largest and one of the most successful developers and owners of utility-scale solar photovoltaic (PV) energy projects in the world. With roots dating back to over a decade, SkyPower's global team possesses a vast track record of over 800 years of combined experience in power and large infrastructure projects.

The experienced and accomplished SkyPower team has built, assembled and acquired an extensive pipeline of over 25 GW worldwide - 9 GW of which were recently announced in bilateral agreements, and other contract awards, to be built on the continents of Africa and Asia over the next five years in Egypt, Nigeria, Kenya, Djibouti and India.

Over the past few years alone, SkyPower has secured over 30 utility-scale solar PV Power Purchase Agreements (PPA) and Contracts, which in aggregate represent well in excess of US $80 billion worth of long-term renewable energy sales to leading utilities and governments around the world.

SkyPower is majority owned by CIM Group, a U.S. based transformational urban real estate and infrastructure investment firm founded in 1994 with approximately US $20.3 billion in assets under management.

For more information about SkyPower, please contact: Hando Kang, Vice President, International Public Affairs, [email protected], +1-647-478-2812; Maria Vorobieva, Director, International Public Affairs, [email protected], +1-647-478-1149; Shamini Selvaratnam, Director, Corporate Communications, [email protected], + 1-647-625-0997

SOURCE SkyPower Services ULC

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