SunEdison Helps Southern Californians Spare the Air and Enhance Grid Reliability with Solar

BELMONT, Calif., Feb. 23, 2016 /PRNewswire/ -- SunEdison, Inc. (NYSE: SUNE), the largest global renewable energy development company, today announced it has signed two 20-year power purchase agreements with utility company Southern California Edison for 2.7 megawatts DC of solar.

Southern California Edison is exploring how clean energy resources like wind and solar could defer or eliminate the need to build a new gas power plant in Orange County. The closure of nearby ocean-cooled power plants, including the San Onofre nuclear power plant, has impacted Southern California's electricity supply, and the utility is eager to find cost effective, clean energy alternatives to support growing demand.

"We know that air quality is a big concern for residents in the area, but so is getting reliable electricity to a growing, economically important region. SunEdison can help," said Sam Youneszadeh, SunEdison's regional general manager of its Western U.S. solar business. "Solar is a great way for utilities to boost grid reliability without emitting greenhouse gases. Solar is cost effective, quick-to-build, and can easily scale. It's great to see Southern California Edison looking after the people it serves."

With SunEdison's solar power purchase agreement, the utility will enjoy the benefits of solar energy without any up-front cost. SunEdison installs, owns, and operates each system while the utility enjoys low-cost, clean solar electricity.

SunEdison intends to build the systems using a combination of parking canopies and rooftop space. Solar parking canopies provide shade for parked cars while generating cost-effective, clean solar energy.

These solar systems further help the utility meet California's recently passed goal to produce half its electricity from renewables by 2030.

The solar systems are expected to generate enough energy to power 640 California homes per year. The systems should help avoid the emission of more than 50 million pounds of carbon dioxide over 20 years—the equivalent of taking around 5,000 cars off the road.

SunEdison intends to complete the solar systems pending approval of the contracts by California's Public Utility Commission. 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.

Logo - http://photos.prnewswire.com/prnh/20150203/173064LOGO 

SOURCE SunEdison, Inc.

Related Links

http://www.sunedison.com