BELMONT, California, April 2, 2015 /PRNewswire/ -- SunEdison, Inc. (NYSE: SUNE), the world's largest renewable energy development company, today announced the completion of a 2.5 megawatt solar energy system that will supply electricity to the Cecil County School of Technology 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 Cecil County School of Technology's solar system is designed to produce more energy than the on-site facility needed. Under aggregated net metering, other buildings owned by the Cecil County Board of Education can share the output of these solar systems, even if they are not physically connected to them or are on a different meter.
"The Cecil County Board of Education is making a smart financial move by leveraging Maryland's aggregated net metering program to maximize electricity savings across all of their buildings," said Michael Volpe, Sales Director at SunEdison.
"Our school system is achieving electricity savings through the use of aggregated net metering," said Perry Willis, Executive Director of Support Services, Cecil County Public Schools. "SunEdison's expertise has helped us achieve our goals and we look forward to enjoying energy savings for many years to come. The extra savings means more resources for our teachers and students, which we're thrilled about."
"Standard Solar is excited to be working with Cecil County Public Schools and SunEdison to make this project a reality," said Scott Wiater, President of Standard Solar. "We're always honored to work on projects like this which benefit students and teachers."
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 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 consumers. 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 Exchanges 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 2.5 megawatt solar photovoltaic (PV) system for the Cecil County Board of Education will benefit all its facilities; and that the municipality is purchasing the energy via a 20-year power purchase agreement (PPA) with TerraForm Power. 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.