BELMONT, Calif., April 22, 2015 /CNW/ -- SunEdison, Inc. (NYSE: SUNE), the world's largest renewable energy development company, today announced that is has signed an agreement to develop and install a 2.6 megawatt (MW) solar power plant for the town of Winchendon, Mass. on a previously unusable 12 acre town-owned landfill site.
The landfill site will be converted under Massachusetts' Solar Renewable Energy Certificates (SREC II) program, which provides preferred incentives for brown field projects.
"The State's incentive program is a real driver for innovation when it comes to land use," says Steve Raeder, Managing Director of Distributed Generation Eastern USA at SunEdison, "It creates the opportunity to give unusable land a new life by converting it into a site for solar energy – towns like Winchendon can convert what was once a potential liability into a revenue generating asset."
"This is a great opportunity for Winchendon to take an underutilized piece of land and turn it into a clean, reliable source of energy," says Town Manager Jim Kreidler, "We're excited to be working with SunEdison to make this project a reality, and with SunEdison's fixed-price power purchase agreement we will save the town around $400,000 in the first year alone!"
Winchendon will save up to $8 million in energy costs over the 20 year power purchase agreement and will also receive incremental lease revenue from SunEdison. The solar power plant is projected to save 1,805 tons of carbon dioxide per year, equivalent to the amount of carbon sequestered by 1,479 acres of trees, or taking 380 cars off the road.
SunEdison anticipates adding the solar power plant to the Call Right Projects List for TerraForm Power, Inc. (Nasdaq: TERP), a global owner and operator of clean energy power plants, and expects to offer this project to TerraForm Power for investment upon completion. Operation and maintenance of the solar power plant will be performed by SunEdison Services, which provides global 24/7 asset management, monitoring and reporting services.
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: fixed-price power purchase agreement we will save the town around $400,000 in the first year alone; Winchendon will save up to $8 million in energy costs over the 20 year power purchase agreement and will also receive incremental lease revenue from SunEdison; and the solar power plant is projected to save 1,805 tons of carbon dioxide per year, equivalent to the amount of carbon sequestered by 1,479 acres of trees, or taking 380 cars off the road. 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 and TerraForm disclaim, however, any intent or obligation to update these forward-looking statements.
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SOURCE SunEdison, Inc.
For further information: Press: Tory Patterson, Grayling for SunEdison, SunEdison@grayling.com, +1 (619) 269-9518; Investors/Analysts: R. Phelps Morris, SunEdison, pmorris@SunEdison.com, +1 (314) 770-7325, http://www.sunedison.com