- TerraForm Power, Inc. to purchase the projects by end of year 2014
- The energy produced from the projects will be purchased by Statkraft through a Power Purchase Agreement (PPA)
- SunEdison and Santander Global Banking and Markets ("Santander") closed a non-recourse debt financing arrangement to fund the construction of the projects in June 2014
LONDON, Sept. 15, 2014 /PRNewswire/ -- SunEdison, Inc. (NYSE: SUNE), a leading global solar technology manufacturer and provider of solar energy services, and TerraForm Power, Inc. (NASDAQ: TERP), a global renewable energy company, today announced the interconnection of two large-scale solar projects totalling 50 megawatts (MW) DC in the UK.
The solar projects will become part of TerraForm Power's operating portfolio before the end of 2014, and SunEdison will continue to manage them. This portfolio consolidates SunEdison and TerraForm Power's presence in the UK solar market and continues SunEdison's steady expansion in the region.
The energy produced from the projects will be purchased by Statkraft, a market-leading purchaser of independently generated electricity in the UK, through a Power Purchase Agreement (PPA).
In June 2014, SunEdison and Santander Global Banking and Markets closed a non-recourse debt financing arrangement for the construction of the projects. Santander acted as sole lead arranger and underwriter of the debt financing facilities.
"As a global company, we have outstanding resources that give us a distinct competitive advantage, which is demonstrated through our strategic partnerships with best-in-class partners. Our partnerships with TerraForm Power and Santander, among others, allow us to maximise our impact on projects around the world and give a clear sign to our shareholders that we are continually striving to add value to our organisation" said José Pérez, SunEdison's president of EMEA and Latin America.
"The interconnection and eventual drop-down of these major solar projects demonstrates the mutual benefits of our partnership with SunEdison," said Carlos Domenech, president and chief executive officer of TerraForm Power. "SunEdison can accelerate the growth of its global pipeline with the knowledge that TerraForm will allow them to benefit from long-term ownership, and, as SunEdison's projects come on-line, we are well positioned to acquire them and generate increased CAFD for our investors."
Once operational, the solar power plants will be managed by the SunEdison Renewable Operation Center (ROC), which provides global 24/7 monitoring services. Data collected from the ROC is used to continuously improve the company's products, project designs and service offerings.
SunEdison is a global leader in transforming how energy is generated, distributed and owned. SunEdison manufactures solar technology and develops, finances, installs and operates distributed solar power plants, delivering predictably priced electricity and services to its residential, commercial, government and utility customers. SunEdison also provides 24/7 asset management, monitoring and reporting services for hundreds of solar systems worldwide via the company's Renewable Operation Center (ROC). SunEdison has offices in North America, Europe, Latin America, Africa, India and Asia. 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 (NASDAQ: TERP) is a renewable energy leader that is changing how energy is generated, distributed, used 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: http://www.TerraForm.com.
Certain matters discussed in this press release are forward-looking statements, including that the solar projects will become part of TerraForm Power's operating portfolio before the end of 2014 and SunEdison will continue to manage them; and the energy produced from the projects will be purchased by Statkraft through a Power Purchase Agreement (PPA). 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 delays or interruptions in construction of power plants; the timely availability of required permits and authorizations for projects from governmental entities and third parties; changes in applicable regulatory requirements and incentives for production of solar power; and other risks described in the company's filings with the Securities and Exchange Commission. These forward-looking statements represent the company's judgment as of the date of this press release. The company disclaims, however, any intent or obligation to update these forward-looking statements.
SOURCE SunEdison, Inc.