-- TerraForm Power to sell energy to Duke Energy Progress under 15-year PPAs
BELMONT, California and BETHESDA, Maryland, March 31, 2015 /PRNewswire/ -- SunEdison, Inc. (NYSE: SUNE), the world's largest renewable energy development company, and TerraForm Power, Inc. (Nasdaq: TERP), a global owner and operator of clean energy power plants, today announced the interconnection of four photovoltaic solar energy plants in North Carolina with a total capacity of 26 megawatts DC. TerraForm will sell the electricity generated by the solar power plants to Duke Energy Progress via 15-year Power Purchase Agreements.
"It's very exciting to turn land that is no longer viable for farming into productive solar farms that will create low-cost, environmentally friendly energy for the residents of North Carolina," said Ahmad Chatila, President and Chief Executive Officer at SunEdison. "And by using a local workforce to construct the projects, we've been able to bolster the local economy."
"TerraForm is pleased to work with Duke Energy Progress to provide affordable, clean energy to the residents of North Carolina," said Carlos Domenech, President and Chief Executive Officer of TerraForm. "Partnerships with forward-thinking utilities like Duke Energy Progress are an important growth avenue for TerraForm, and we will continue to create high-return projects in this segment that benefit our shareholders and the communities those projects serve."
SunEdison secured the financing for the systems with federal and state tax equity investors. Operation and maintenance of the solar power plants will be performed by SunEdison Services, which provides global 24/7 asset management, monitoring and reporting services.
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 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 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 clean energy power plants. For more information about TerraForm Power, please visit: http://www.terraform.com.
This release contains "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements are subject to certain risks, uncertainties and assumptions, including TerraForm will sell the electricity and capacity generated by the systems to Duke Energy Progress via 15-year Qualified Facility Power Purchase Agreements and typically can be identified by the use of words such as "expect," "estimate," "anticipate," "forecast," "intend," "project," "target," "plan," "believe" and similar terms and expressions. Forward-looking statements are based on current expectations and assumptions. Although TerraForm and SunEdison believe that their expectations and assumptions are reasonable, they can give no assurance that these expectations and assumptions will prove to have been correct, and actual results may vary materially. Factors that could cause actual results to differ materially from those set forth in the forward-looking statements include, among others: the failure of counterparties to fulfill their obligations under offtake agreements; price fluctuations, termination provisions and buyout provisions in offtake agreements; and the other risks and uncertainties included in TerraForm and SunEdison's filings with the Securities and Exchange Commission at www.sec.gov. TerraForm and SunEdison undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE SunEdison, Inc.