Synnove Energy, a U.S. based company, was founded in 2010 as a broad scope IPP focused on developing, building and operating grid connected renewable energy assets in investment grade emerging and middle markets. Fred Sisson, CEO of Synnove Energy, was previously the Co-founder and former EVP of REC Solar and a Co-founder of Mainstream Energy.
Located in the tropical environment 20 degrees South of the Equator, Mauritius has average high temperatures throughout the year ranging from 73-85 degrees. Stion's industry leading temperature coefficient (-0.26% / °C) enables up to 10% greater energy yield than crystalline silicon.
"We performed a full system analysis with Stion and it was clear that their modules provided the best total return on our investment," said Fred Sisson, CEO of Synnove Energy. "We also felt comfortable presenting Stion modules to our financial backers based on Stion's project work with Washington Gas, and their recently implemented Munich Re insurance program."
"Stion is proud to partner with Synnove Energy to deliver projects that provide a clean, low-cost source of electricity for Mauritius residents," said Chet Farris, CEO of Stion Corporation, "Mauritius is emerging as a key global financial services hub, and the cost and installation advantages of distributed solar are key for its continued growth. We look forward to continued collaboration with Synnove in building projects there."
Located off the coast of Africa in the Indian Ocean, Mauritius has emerged as an important offshore financial hub. Over 25,000 companies and 900 funds have presence in Mauritius, and the financial services sector accounts for over half of the country's $20 billion GDP. The Mauritius Central Electricity Board (CEB) predicts a need for more than 200 MW of new power generation by 2022.
