BELMONT, Calif., April 8, 2015 /CNW/ -- SunEdison, Inc. (NYSE: SUNE), the world's largest renewable energy development company, today announced the groundbreaking for the 22.6 megawatt (MW) DC Seven Sisters solar project in Southern Utah. The Seven Sisters are seven separate solar power plants, four of which are located in Beaver County and three in Iron County, Utah. Rocky Mountain Power, a division of PacifiCorp will purchase the electricity under seven separate 20-year power purchase agreements with SunEdison. These projects are on the Call Right Projects List for TerraForm Power, Inc. (Nasdaq: TERP), a global owner and operator of clean energy power plants. SunEdison anticipates offering these projects to TerraForm Power for investment upon completion.
"We are excited to be breaking ground today for the Seven Sisters solar project," said Paul Gaynor, Executive Vice President of North America Utility and Global Wind at SunEdison. "These solar power plants will provide significant economic and environmental benefits for the people of Utah. We look forward to continuing to work closely with Beaver and Iron counties, Rocky Mountain Power, and the State of Utah."
"We are pleased that the world's largest renewable energy developer has chosen to build these clean energy power plants in Utah," said Gov. Gary R. Herbert. "These SunEdison projects will produce significant construction job opportunities and meaningful property tax enhancements in Iron and Beaver Counties, while helping resource diversification - both geographic and technological - underway in the West."
"Iron County Economic Development is thrilled to be a partner in the Seven Sisters Solar Project," said Danny Stewart, Iron County Economic Development Director. "The three Iron County sites will have a significant impact on the local economy through the creation of construction jobs and new property tax revenue from the power plants that will be shared by the county, water conservancy district and school district. Iron County looks forward to this collaboration and the continued efforts to advance clean energy development in Southern Utah."
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.
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 Power
TerraForm Power is a renewable energy leader that is changing how energy is generated, distributed and owned. TerraForm Power creates value for its investors by owning and operating clean energy power plants. For more information about TerraForm Power, please visit: http://www.terraform.com
Forward Looking Statements
This release contains "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements are subject to certain risks, uncertainties and assumptions and typically can be identified by the use of words such as "expect," "estimate," "anticipate," "forecast," "intend," "project," "target," "plan," "believe" and similar terms and expressions. Forward-looking statements are based on current expectations and assumptions. Although SunEdison and TerraForm believe that their expectations and assumptions are reasonable, they can give no assurance that these expectations and assumptions will prove to have been correct, and actual results may vary materially. Factors that could cause actual results to differ materially from those set forth in the forward-looking statements include, among others: the failure of counterparties to fulfill their obligations under offtake agreements; price fluctuations, termination provisions and buyout provisions in offtake agreements; and the other risks and uncertainties included in SunEdison and TerraForm's filings with the Securities and Exchange Commission at www.sec.gov. SunEdison and TerraForm undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE SunEdison, Inc.
For further information: Press: Tory Patterson, Grayling for SunEdison, SunEdison@grayling.com, +1 (619) 26909518; Investors/Analysts: R. Phelps Morris, SunEdison, pmorris@SunEdison.com, +1 (314) 770-7325, http://www.sunedison.com