BELMONT, Calif., March 18, 2015 /PRNewswire/ -- SunEdison, Inc. (NYSE: SUNE), the world's largest renewable energy development company, today announced that it will construct new solar plants in West Texas to supply the City of Georgetown with 150 megawatts of solar power for 25-years. The SunEdison solar plants will be interconnected in 2016, and will provide over 9,500 gigawatt-hours of clean energy to Georgetown through 2041, enough to power more than 24,000 homes a year for 25 years. Upon completion, SunEdison expects to offer this project for investment to TerraForm Power, Inc. (Nasdaq: TERP), a global owner and operator of clean energy power plants. This project will create close to 800 jobs in Texas during construction.
"SunEdison is very excited to be working with Georgetown Utility Systems to provide their customers with 100% renewable, clean energy," said Paul Gaynor, Executive Vice President of North America Utility and Global Wind at SunEdison. "Georgetown is an exceptional city, and by going 100% renewable they will cut down on pollution, save water, and enjoy stable energy prices. They're able to accomplish all of this without spending a penny up front with SunEdison's power purchase agreement. Georgetown is a model for other cities that hope to become powered by clean renewable energy."
"When Georgetown Utility Systems opted to seek new sources of power in 2012, we were charged with a mission to secure the most cost effective energy that balanced risk and reward," says Jim Briggs, interim city manager for the City and general manager for utilities. "Georgetown Utility Services isn't required to buy solar or other renewables - we did so because it will save on electricity costs and decrease our water usage. This power purchase agreement makes Georgetown Utility Systems one of the largest municipal utilities in the nation to be 100% renewable powered. It also provides a hedge against future fuel and regulatory risks."
The power purchase agreement is one of the largest solar agreements in the Electric Reliability Council of Texas (ERCOT) jurisdiction, and represents the largest utility scale solar agreement that SunEdison has signed in Texas to date. SunEdison will construct the project and provide financing. 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, SunEdison solar plants will be interconnected in 2016, and will provide over 9,500 gigawatt-hours of clean energy to Georgetown through 2041, enough to power more than 24,000 homes a year for 25 years; upon completion, SunEdison expects to offer this project for investment to TerraForm; this project will create close to 800 jobs in Texas during construction. 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 and TerraForm's filings with the United States Securities and Exchange Commission. These forward-looking statements represent SunEdison's and TerraForm's judgment as of the date of this press release. SunEdison and TerraForm disclaim, however, any intent or obligation to update these forward-looking statements.
