SunEdison Signs 6.2 Megawatt Solar Power Deal with L.A. County
BELMONT, Calif., Nov. 24, 2015 /PRNewswire/ -- SunEdison, Inc. (NYSE:SUNE), the largest global renewable energy development company, today announced that it has signed 20-year power purchase agreements with Los Angeles County in a deal that will see nine government facilities powered with 6.2 megawatts DC of solar energy. The solar power purchase agreements are projected to save taxpayers millions of dollars, and will provide predictable energy pricing to L.A. County for decades to come.
"Municipalities across America are looking for ways to stretch their dollars and take a bite out of rising electricity rates, and SunEdison solar systems are a great way to accomplish this goal," said Sam Youneszadeh, SunEdison's regional general manager of its Western U.S. solar business. "By signing a long term agreement with guaranteed pricing, L.A. County will save millions of dollars while dramatically reducing its exposure to rising utility rates. SunEdison has installed hundreds of solar systems for public sector customers throughout the U.S., so our customers can rest assured that we understand their needs and know how to do the job right."
SunEdison will build solar parking canopies at many of the locations. Solar parking canopies provide both shade for parked cars and cost effective, clean solar energy.
The systems are expected to generate enough energy each year to power more than 1,400 Californian homes. Over the 20-year period, the systems will reduce carbon dioxide emissions by more than 114 million pounds—the equivalent of taking more than 10,000 cars off the road.
Construction for all nine projects is targeted for completion during the second half of 2016. Operation and maintenance of the solar systems will be performed by SunEdison Services, which provides 24/7 global asset management, monitoring and reporting services.
About SunEdison
SunEdison is the largest global renewable energy development company and is transforming the way energy is generated, distributed, and owned around the world. 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
This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements involve estimates, expectations, projections, goals, assumptions, known and unknown risks, and uncertainties and typically include words or variations of words such as "anticipate," "believe," "intend," "plan," "predict," "outlook," "objective," "forecast," "target," "continue," "will," or "may" or other comparable terms and phrases. All statements that address operating performance, events, or developments that SunEdison expects or anticipates will occur in the future are forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Factors that might cause such differences include, but are not limited to, a variety of economic, competitive, and regulatory factors, many of which are beyond SunEdison's control and are described in SunEdison's Form 10-K for the fiscal year ended December 31, 2014, as well as additional factors it may describe from time to time in other filings with the Securities and Exchange Commission. Forward-looking statements provide SunEdison's current expectations or predictions of future conditions, events, or results and speak only as of the date they are made, but SunEdison can give no assurance that these expectations and assumptions will prove to have been correct and actual results may vary materially. SunEdison disclaims any obligation to publicly update or revise any forward-looking statement, except as required by law.
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SOURCE SunEdison, Inc.
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