BELMONT, Calif., April 9, 2015 /CNW/ -- SunEdison, Inc. (NYSE: SUNE), the world's largest renewable energy developer, today announced that it has signed agreements to construct and install three new utility-scale solar power plants in southern Utah with a total capacity of 262 megawatts DC.
PacifiCorp, an electric utility that serves 1.8 million residential, commercial, and industrial customers, will purchase the electricity through three 20-year power purchase agreements according to its obligation under the federal Public Utilities Regulatory Policies Act. The purchase agreements and the price of the electricity will be at the utility's avoided cost of electricity, which reflects the utility's costs to purchase or generate the power from other resources. The contract will be approved by the Utah Public Service Commission to ensure a fair price for PacifiCorp customers.
"This is a great day for Utah," said Paul Gaynor, Executive Vice President North America Utility and Global Wind at SunEdison. "These solar power plants will create jobs and provide valuable tax revenue to the people of Utah – they are a testament to the contribution solar can make to our energy future. We thank our local partners in Beaver and Iron County for hosting these projects and we look forward to continued development in the state."
The three solar power plants are located in Iron County in southern Utah, and include the 63 megawatt DC Granite Mountain Solar West plant, the 100 megawatt DC Granite Mountain Solar East plant and the 99 megawatt DC Iron Springs Solar plant. Construction of the power plants is expected to begin in the fall of 2015 with commercial operations expected in 2016.
SunEdison has made a major commitment to Utah, with more than 720 megawatts DC of solar energy in development and 306 megawatts AC of wind power operated in-state. SunEdison's other solar projects in Utah include the 22.6 megawatt DC Seven Sisters, the 420 megawatt DC Four Brothers, and 22 megawatts DC of smaller projects. Together, these projects will create more than 800 local construction jobs for the people of Utah.
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. 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.
Forward Looking Statements
Certain matters discussed in this press release are forward-looking statements, including SunEdison will construct and install solar power plants in the State of Utah; these solar power plants will create more than 800 local construction jobs and provide valuable tax revenue; and construction is expected to being in the fall of 2015 with commercial operations expected in 2016. 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) 26909518; Investors/Analysts: R. Phelps Morris, SunEdison, pmorris@SunEdison.com, +1 (314) 770-7325, http://www.sunedison.com