JOHANNESBURG, June 8, 2015 /CNW/ -- SunEdison, Inc. (NYSE: SUNE), the world's largest renewable energy development company, today announced it has been awarded an additional five solar photovoltaic projects in South Africa, totaling 371 megawatts (MW) DC. This award stems from the extended capacity announcement for the fourth bid round of the Renewable Energy IPP Procurement (REIPPP) Programme organized by South Africa's Department of Energy (DOE), in which SunEdison previously announced that it had been awarded an 86 MW solar project. In total, SunEdison has won 457 MW across six solar power projects in South Africa's fourth round of the REIPPP Programme.
The five solar power plants will be located in the Northern Cape and North West Provinces and are expected to produce enough energy to power the equivalent of more than 200,000 South African homes. Eskom, the South African national utility, will purchase the solar energy under a 20-year power purchase agreement.
"Over the past 3 years, SunEdison has had a successful track record delivering highly reliable, affordable solar power to South Africa," said Pashupathy Gopalan, SunEdison president, Asia Pacific. "We selected project sites that strengthen the Eskom grid and distribute project benefits across a range of communities. Building on SunEdison's previous commitment to employment and social programmes in our host communities, the five projects awarded will offer local enterprise development, skills development and procurement programmes."
SunEdison entered the South African market in 2011 and has developed, constructed and operates 130 MW of utility scale solar power plants. With the 457 MW awarded in the fourth bid round of the REIPPP Programme, SunEdison becomes one of the leading solar energy providers in sub-Saharan Africa.
After construction, operation and maintenance of the 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 develops, finances, installs, owns and operates renewable 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 customers with asset management, operations and maintenance, monitoring and reporting services. Corporate headquarters are in the United States with additional offices and technology manufacturing 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: the solar plant is expected to produce enough energy to power the equivalent of more than 200,000 South African homes. 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.
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