Project Utilizing Local Labor and Local Materials
TORONTO, Sept. 12, 2012 /CNW/ - SunEdison, a leading worldwide solar energy services provider and a subsidiary of MEMC Electronic Materials, Inc. (NYSE: WFR), and Firelight Infrastructure Partners ("Firelight") are pleased to announce that they have reached financial close under a construction and term debt credit facility for a 10 megawatt (MW) solar project in Ontario. The project, which is currently under construction, is owned by SunEdison and Firelight as equity partners. Deutsche Bank acted as the private placement agent and the transaction was supported by a consortium of lenders.
Located on 87.5 acres of land in Norfolk County, Ontario, the 10 MW solar facility is expected to generate approximately 14 gigawatt hours of clean energy each year, which is enough to power more than 1,000 homes annually.
"In addition to the environmental benefits, this is another great example of how the FIT program is helping to create and sustain jobs in Ontario," said Michael Dilworth, Vice President and Country Manager for SunEdison Canada. "In addition to utilizing local labor for approximately 85 contract construction jobs and ongoing operations, all of the solar panels used for the project are made right here in the province. Also making the project unique for us is the use of a private placement approach, which opens up new sources of financing for SunEdison and broadens the lending market for solar assets in Canada."
Construction of the project began on September 4, 2012, and is expected to be completed during the first quarter of 2013. Once completed, the project will utilize more than 43,500 polycrystalline solar PV modules – all of which will be supplied by SunEdison's parent company, MEMC, and will be manufactured in Ontario. In addition to developing the project, SunEdison will also be responsible for ongoing operations and maintenance services.
This is SunEdison's second utility scale project to be built in Ontario under the Feed in Tariff (FIT) program. All power generated will be sold to the Ontario Power Authority. Upon commercial operation in early 2013, Firelight will become the sole project owner.
SunEdison is a global provider of solar-energy services. The company develops finances, installs and operates distributed power plants using proven photovoltaic technologies, delivering fully managed, and predictably priced solar energy services for its commercial, government and utility customers. In 2011 SunEdison interconnected approximately 300 Megawatts of solar throughout the world. For more information about SunEdison, please visit www.sunedison.com
MEMC is a world leader in semiconductor and solar technology. MEMC has been a pioneer in the design and development of silicon wafer technologies for over 50 years. With R&D and manufacturing facilities in the U.S., Europe, and Asia, MEMC enables the next generation of high performance semiconductor devices and solar cells. Through its SunEdison subsidiary, MEMC is also a developer of solar power projects and a worldwide leader in solar energy services. MEMC's common stock is listed on the New York Stock Exchange under the symbol "WFR". For more information about MEMC, please visit www.memc.com.
About Firelight Infrastructure Partner
Firelight Infrastructure Partners is a Canadian partnership that invests in North American renewable energy projects including wind, hydro and solar. Firelight partners with experienced developers to provide the capital necessary to develop, construct and operate high quality renewable energy projects.
With $300 million of committed capital, Firelight matches its financial strength and industry knowledge with the technical expertise of its partners. Working with experienced teams and proven technologies, Firelight is building a sustainable portfolio of renewable energy projects that make a positive contribution to stronger economies and a cleaner environment.
Investments made by Firelight have brought clean power to local communities in Prince Edward Island, Nova Scotia and Ontario. For more information about Firelight Infrastructure Partner, please visit: www.firelightlp.com.
Certain matters discussed in this press release are forward-looking statements, including that the 10 MW solar facility is expected to generate approximately 14 gigawatt hours of clean energy each year, which is enough to power more than 1,000 homes annually; that we expect to utilize local labor for approximately 85 contract construction jobs and ongoing operations; that the project is expected to be completed during the first quarter of 2013; that the project will utilize more than 43,500 polycrystalline solar PV modules – all of which will be supplied by SunEdison's parent company, MEMC, and will be manufactured in Ontario; and that commercial operation will occur in early 2013. 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 delays or interruptions in production of solar panels; the timely availability of required permits and authorizations for projects from governmental entities and third parties; changes in applicable regulatory requirements and incentives for production of solar power, including any changes in Ontario's Feed-in-Tariff Program; general business and economic conditions, including seasonality of the industry; and other risks described in MEMC's filings with the Securities and Exchange Commission, including its Form 10-K for the 2011 fiscal year and its quarterly reports for the first and second quarters of 2012. These forward-looking statements represent MEMC's and SunEdison's judgment as of the date of this release. MEMC and SunEdison disclaim, however, any intent or obligation to update these forward-looking statements.
For further information:
Bill Michalek, Director, Corporate Communications, +1-636-474-5443