SunEdison Expands in Italy With 12 New Solar Parks; Completes 47 Million Euro Financing Deal
MILAN, May 4, 2010 /PRNewswire/ -- SunEdison, a division of MEMC Electronic Materials, Inc. (NYSE: WFR), today announced plans to complete 12 one-megawatt (MW) solar energy plants in the province of Lecce, Apulia in Italy, and announced a 47-million-euro financing deal with Norddeutsche Landesbank Girozentale in Germany.
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"The announcement of these projects, which follows another major project announced recently by SunEdison in Italy - demonstrates our deep expertise as developers of a wide range of solar energy plants, from rooftop retail facilities to large, ground-mount utility-scale operations," said Carlos Domenech, president, SunEdison. "Given our financing strength and project skills, SunEdison plans to continue to expand rapidly in Italy and in our other targeted growth areas in the United States, Canada and other European countries."
SunEdison earlier announced a 72 MW photovoltaic solar plant to be built in northeastern Italy near the town of Rovigo as the largest solar energy plant in Europe.
To develop the Apulia projects, SunEdison signed a 47 million euro financing deal with NORD LB - Norddeutsche Landesbank - a leading bank in Germany. Vinod Mukani, Head of Americas Solar Origination for NORD/LB, said: "We are pleased to partner with SunEdison to provide financing for these projects and to support SunEdison in their development plans across the globe. This financing further highlights NORD LB's client focused strategy, advisory capabilities and its commitment towards renewable energy sector". Heiko Ludwig, Head of Energy Origination Europe for NORD/LB added, "Considering the intricate nature of the financing for the portfolio, NORD LB advised SunEdison on an efficient and financeable cross border structure for its Italian portfolio. The financing of renewable energies is one of the NORD LB Group's key areas of business growth and the partnership with SunEdison allows us to demonstrate again our leading position in project financing in the solar sector across the world".
"Our goal is to continue to increase our presence and our solar electric power interconnections in Italy over the course of the year," said Pancho Perez, General Manager of Europe and MENA Region for SunEdison. "We have very strong project financing and development capabilities and are continuing to expand our relationships with solar channel partners throughout Italy"
The SunEdison Lecce solar parks will generate power for more than 3,300 homes during their first year of operation while reducing carbon dioxide emissions that are equivalent to taking 2,000 cars off the road. Besides the dramatic environmental advantages, the new solar plants will also create construction and plant operating jobs in the region.
Seven of the Lecce plants are already fully operational and were grid connected and sold in the first quarter of 2010. The other five plants are under construction and expected to be completed and operational by the third quarter. The 47-million-euro financing deal with Nord LB covers the majority of the one-megawatt plants.
About SunEdison
SunEdison is a global provider of solar-energy services. The company finances, installs and operates distributed power plants using proven photovoltaic technologies, delivering fully managed, predictably priced solar energy services for its commercial, government and utility customers. In 2009, SunEdison delivered more kilowatt hours (kWh) of energy than any other solar services provider in North America. For more information about SunEdison, please visit www.sunedison.com.
About MEMC
MEMC is a global leader in the manufacture and sale of wafers and related intermediate products to the semiconductor and solar industries. MEMC has been a pioneer in the design and development of silicon wafer technologies for 50 years. With R&D and manufacturing facilities in the U.S., Europe, and Asia, MEMC enables the next generation of high-performance semiconductor devices and solar cells. Through its SunEdison division, MEMC is also a developer of solar power projects and North America's largest solar energy services provider.
MEMC's common stock is listed on the New York Stock Exchange under the symbol "WFR" and is included in the S&P 500 Index. For more information about MEMC, please visit http://www.memc.com.
About NORD/LB (Norddeutsche Landesbank Girozentale)
Based in Hannover, Germany, Norddeutsche Landesbank Girozentale (Nord/LB) has grown to be Germany's tenth largest financial institution with roots going back to 1765. The Bank offers a range of financial services including Project Finance, Real Estate Lending, Asset Backed Finance, Treasury and Capital Markets functions. The financing of renewable energies is one of the Nord/LB Group's key areas of business growth. With a volume of around 3.5 billion Euros, the Group is already one of the leading finance providers in this sector. Nord/LB has an excellent track record in the solar sector that spans the entire globe, from rooftop & ground mount solar projects in Germany, Canada and US, to larger ground mount solar farms as well as panel & glass manufacturing facilities. More information can be found at www.nordlb.com
Forward-Looking Statements
Certain matters discussed in this news release are forward-looking statements, including that five of the plants are expected to be completed and operational by the third quarter of 2010. 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 delays or interruptions in construction of the power plants, including interruptions due to weather or delays in the delivery of transformers, modules or other components; delays due to challenges against the permits or authorizations for the power plants by governmental or third parties; delays in interconnection of the power plants to the electricity grid; changes in the applicable regulatory system, including any incentives for production of electricity for solar power plants; and other risks described in MEMC's filings with the Securities and Exchange Commission. These forward-looking statements represent MEMC's and SunEdison's judgment as of the date of this release. MEMC and SunEdison disclaim, however, any intent or obligation to update these forward-looking statements.
SOURCE SunEdison
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