SunEdison Awarded 33 Megawatt Deal To Modernize The Grid In Southern California With Solar
BELMONT, California, May 21, 2015 /PRNewswire/ -- SunEdison, Inc. (NYSE: SUNE), the world's largest renewable energy development company, today announced that it has been awarded contracts to build 33 megawatts (MW) DC of rooftop solar with Southern California Edison (SCE) in the utility company's latest round of solar procurement. The solar systems will be built on rooftops throughout the Orange County and Inland Empire industrial corridors as part of SCE's plan to upgrade and modernize the grid for customers in densely populated metro areas and reduce power interruptions during periods of peak demand. The agreements were awarded to SunEdison during SCE's fourth request for offers under the utility company's Solar Photovoltaic Program. SunEdison is the only company to win projects in all four rounds of the program.
Southern California Edison, an electric utility that serves more than 14 million residential, commercial, and industrial customers, will purchase the electricity from 17 rooftop solar systems through 20-year power purchase agreements (PPA).
"We are very pleased to be working with Southern California Edison to modernize and upgrade the utility grid," said SunEdison Managing Director of Western USA Distributed Generation Sam Youneszadeh. "As this project demonstrates, solar systems can be sized and strategically located to provide maximum benefit to both the utility grid and California homeowners and businesses."
Scheduled to be operational in 2016, the 17 solar power plants will generate 33 megawatts of clean, cost effective solar energy, enough to power the equivalent of 63,000 homes. The rooftop solar systems will be built on industrial properties across Orange, Riverside, San Bernardino, and Los Angeles Counties.
These projects are on the Call Right Projects List for Terraform Power, Inc. (Nasdaq: TERP), a global owner and operator of clean energy power plants. TerraForm Power intends to acquire these projects from SunEdison upon completion. 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.
About SunEdison
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
TerraForm is a renewable energy leader that is changing how energy is generated, distributed and owned. TerraForm creates value for its investors by owning and operating clean energy power plants. For more information about TerraForm, please visit: http://www.terraform.com.
Forward Looking Statements
Certain matters discussed in this press release are forward-looking statements, including: scheduled to be operational in 2016, the 17 solar power plants will generate 33 megawatts of clean, cost effective solar energy, enough to power the equivalent of 63,000 homes. 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.
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