Solar leaders launch operations in India and East Africa for industrial energy cost reduction

NEW YORK – June 24, 2014 – Astonfield Renewables, a leading solar independent power producer across India, Eastern Africa and the Middle East, and Solesa, an international engineering and project management leader in commercial and industrial solar projects, announced today a strategic partnership to deliver highly-customized solar energy solutions to save fuel costs, reduce power outages and increase the cost competiveness of industrial businesses across India and Eastern Africa.

Marketed under the name Astonfield Solesa Solar in India and Eastern Africa, the company has developed a unique and innovative PV-diesel hybrid system, marketed as the Hybrid Power Controller, which integrates solar PV with existing diesel generators to significantly offset the high and rising costs of diesel fuel for commercial and industrial power systems. Applications range from industrial rooftop solar systems to ground-mounted solar and off-grid systems.

Astonfield Solesa Solar has already secured contracts with customers for systems between 100 kW to 10 MW within its first 90 days of operation. It has commissioned its first project in the Indian state of Tamil Nadu – a 100 kW ground-mounted solar hybrid system for Indo Shell Cast Pvt. Ltd., a leading iron manufacturer for motorcycle, automotive and other industries. Its first projects in Eastern Africa for industrial rooftops are under construction as well.

It is estimated that diesel gensets total 30 GW of capacity in India alone. Industrial companies rely on diesel as a hedge against frequent power shortages from the grid. According to Navigant Research, the market growth for diesel gensets between 15 kW and 6 MW for residential, commercial and industrial applications will reach 82 GW globally per year by 2018. The potential for solar rooftops for industrial and large roofs just in India has been estimated to be 27 GW.

"We are well positioned to take advantage of this market opportunity and become leaders in India and Eastern Africa," said Ameet Shah, Co-Chairman of Astonfield Renewables. "With our strong international project finance and procurement experience and Solesa's long track record designing and engineering projects for commercial and industrial customers worldwide, we have an unbeatable combination of local and international expertise across the project spectrum, from design and finance to EPC and operations."

Astonfield has emerged as a leading independent power producer in India with 20 MW of operational assets, 17 MW under construction, 270 MW under advanced development, and a strong commitment to cost leadership in the power sector. Outside of India it has projects moving into the construction phase in Oman, Mauritius, Kenya, Uganda, and Tanzania.

Solesa, an Italian engineering and solar project development leader, has significant design, engineering and project management experience delivering rooftop and ground-mounted solar projects. Its track record consists of developing 150 MW of solar projects, 30 MW of EPC projects and 30 MW of operations and maintenance (O&M) contracts.

"Our scalable and customizable solutions are uniquely compatible with other power sources, and complement most industrial and commercial load profiles, thus reducing reliance on diesel generation. And, at a minimum, they deliver a 30-40 percent discount relative to the cost of utilizing emergency power supply," said Alfredo Giardina, CEO of Solesa. "Our innovative Hybrid Power Controller seamlessly integrates into industrial operations, delivering affordable solar energy consistently even in a fluctuating load environment."

About Astonfield Renewables
Astonfield Renewable Resources Ltd. is a leading provider of affordable renewable energy in emerging markets. Astonfield develops, owns, and operates a rapidly growing portfolio of utility-scale solar plants. Through strategic partnerships with global technology and finance leaders, Astonfield deploys the world's most advanced, proven renewable energy solutions to power communities in India, Africa, and the Middle East. For more information visit: http://www.astonfield.com.

About Solesa
Solesa was founded in Turin (Italy) in 2007 with the mission to become a leader in the generation of clean, renewable energy through both eco and cost-effective innovations. In a short time Solesa has earned itself a top position in the solar PV sector in Italy. Since foundation, Solesa has successfully developed, built, financed and operated solar PV installations of all sizes, from small rooftops to utility-size fields. Solesa is proud of its high completion ratio of identified projects, and even more of the high customer satisfaction rating. True to its pioneering mission, Solesa has early on launched an internationalization initiative in areas where solar energy is bound to play a key role with high growth rates: India, the Middle East, and Africa.

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