BELMONT, California, April. 2, 2015 /PRNewswire/ -- SunEdison, Inc. (NYSE:SUNE), the world's largest renewable energy development company, today announced the completion of a 2.1 megawatt solar energy system that will supply electricity to Pocomoke City's wastewater treatment plant via a 20 year power purchase agreement. These projects were on the TerraForm Power call right list and have been acquired and are now owned by TerraForm Power, Inc. (Nasdaq: TERP), a global owner and operator of clean energy power plants.
The Pocomoke City solar system is designed to produce more energy than the on-site facility needed. Under aggregated net metering, other buildings owned by Pocomoke City can share the output of these solar systems, even if they are not physically connected to them or are on a different meter.
"Aggregated net metering is an innovative way for nonprofits, farms, and municipalities to maximize electricity savings and meet their carbon reduction goals with minimal capital up-front," said Michael Volpe, Sales Director at SunEdison. "We're proud to be working with Standard Solar, our development and EPC partner, on these opportunities."
"Pocomoke City calls itself The Friendliest Town on the Eastern Shore, and, thanks to the foresight of city officials, it is well on its way to being known as the Greenest Town on the Eastern Shore," said Tony Clifford, Chief Executive Officer of Standard Solar. "With no financial outlay required by Pocomoke City, sizeable savings in electricity costs, and positive contributions to its citizens' environmental future, more and more municipalities are seeing the short- and long-term advantages of going solar."
"Our appreciation goes out to SunEdison and Standard Solar, who introduced us to this innovative solution," said Russell Blake, City Manager for Pocomoke City. "We're using aggregated net metering to maximize savings on our electric bill."
This project was made possible through Maryland's Aggregated Net Metering Program, which is available for municipal institutions, agriculture and non-profits. Through its Renewable Portfolio Standard, the State of Maryland hopes to generate 20 percent of its electricity from renewable sources by 2020.
SunEdison is the world's largest renewable energy development company and is transforming the way energy is generated, distributed, and owned around the globe. The company manufactures solar technology and develops, finances, installs, owns and operates wind and solar power plants, delivering predictably priced electricity to its residential, commercial, government and utility customers. SunEdison is one of the world's largest renewable energy asset managers and provides asset management, operations and maintenance, monitoring and reporting services for its renewable energy customers around the world. Corporate headquarters are in the United States, with additional offices around the world. SunEdison's common stock is listed on the New York Stock Exchange under the symbol "SUNE." To learn more visit www.sunedison.com.
About TerraForm Power
TerraForm Power is a renewable energy leader that is changing how energy is generated, distributed and owned. TerraForm Power creates value for its investors by owning and operating renewable energy power plants. For more information about TerraForm Power, please visit www.terraform.com.
About Standard Solar
Standard Solar, Inc. is a leader in the full-service development, construction, integration, financing and installation of solar electric systems. Dedicated to making Distributed Generation ("DG") solar solutions more accessible, the company is leading the way to energy independence. The company is committed to offering responsible and energy cost-saving solar solutions that conform to the highest standards. Since 2004, Standard Solar has been developing solar projects to creatively solve the energy needs of commercial, industrial, educational, government, utility and other clients. Named one of the Fastest Growing Private Companies in America for four consecutive years by Inc. Magazine, Standard Solar operates nationally and is headquartered in Rockville, MD. For more information, please visit www.standardsolar.com.
Certain matters discussed in this press release are forward-looking statements, including: that the 2.1 megawatt solar PV system for Pocomoke City will benefit all its facilities; and that the municipality is purchasing the energy via a 20-year power purchase agreement (PPA) with SunEdison. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Potential risks and uncertainties include changes in applicable regulatory requirements and incentives for production of solar power; and general business and economic conditions, including seasonality of the industry, and other risks described in SunEdison's filings with the United States Securities and Exchange Commission. These forward-looking statements represent SunEdison's judgment as of the date of this press release. SunEdison disclaims, however, any intent or obligation to update these forward-looking statements.
SOURCE SunEdison, Inc.