BELMONT, Calif., March 26, 2015 /PRNewswire/ -- SunEdison, Inc. (NYSE: SUNE), the world's largest renewable energy development company, today announced an agreement to develop and install four solar power plants for the City of Long Beach, delivering a combined 2.5 megawatts of solar energy. SunEdison has added the plants to the call right list of TerraForm Power, Inc. (Nasdaq: TERP), a global owner and operator of clean energy power plants.
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"It's a genuine pleasure to partner with the City of Long Beach," said Rafael Dobrzynski, Senior Vice President and General Manager of Distributed Generation at SunEdison North America. "The City has a compelling vision for a sustainable economy, and with solar they can save money, save water, and cut down on pollution. And with a SunEdison fixed-price power purchase agreement, they can lock in energy savings without a penny up-front."
The City of Long Beach is projecting $60,000 in savings during the first year alone. The four solar power plants are projected to save 3,249 tons of carbon dioxide per year, equivalent to taking 621 cars off the road, or the amount of carbon sequestered by 2,416 acres of trees.
The City of Long Beach chose SunEdison based in part on their successful track record with other California municipalities, such as San Jose and Huntington Beach, and their leadership position in the commercial solar market. SunEdison will install the solar systems on a number of city buildings and properties, including such prominent facilities as the Long Beach Airport and the Main Health Department building. Each solar installation is designed to offset power exclusively for the city at the sites where the systems are installed. 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.
Forward Looking Statements
Certain matters discussed in this press release are forward-looking statements, including SunEdison will be building solar energy systems on buildings in the City of Long Beach; that SunEdison will operate and maintain the plants; and that the City of Long Beach will be purchasing power through a power purchase agreement. 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.
