SunEdison Signs MOU for 400MW of Solar Projects With Provincial Government in Korea

BELTSVILLE, Md., Sept. 10 /PRNewswire/ -- SunEdison, the solar energy development subsidiary of MEMC Electronic Materials (NYSE: WFR), and Gyeongsangnam-do ("GSND"), a provincial government in southeastern Korea, today announced the execution of a non-binding Memorandum of Understanding (MOU) for the establishment of 400 megawatts (MW) of solar power plants in the Korean province.

Subject to negotiation and completion of definitive agreements, it is expected that SunEdison will utilize public land and building rooftops to build 400MW of solar power plants.  GSND would support SunEdison in securing the proper land or building areas and in completing the authorization and permission processes. The projects are expected to be completed by the end of 2013.

GSND and Governor Doo Kwan Kim have been working to foster the growth of renewable energy initiatives and attract foreign investment in the province.  GSND expects that if completed, the activities contemplated by this MOU will act to stimulate the local economy by creating more than 1,500 jobs and help GSND achieve its renewable energy diffusion target of 15% by 2030.

It is currently expected that SunEdison will make efforts to re-invest certain amounts of profit received from these projects for the development of the local economy and will try to encourage other companies located in Gyeongsangnam-do to participate in the construction and installation of the photovoltaic power plants.

About SunEdison

SunEdison is one of the world's leading solar services providers, with more than 350 solar photovoltaic power plants constructed and under management. The company is based in the U.S., where it is the leading solar-services provider, and also is the leader in its field in Canada. The company has a strong presence and an ambitious expansion plan in Europe, including in France, Germany, Greece, Spain, and Italy. The company is building the largest solar photovoltaic plant in Europe, with 72 MW capacity, in Rovigo, Italy.  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 wafer technologies over the past 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. With the acquisition of SunEdison, MEMC is now 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 www.memc.com.

Forward Looking Statements

Certain matters discussed in this press release are forward-looking statements, including that when completed, the definitive agreements will govern the construction of 400MW of solar power plants; that SunEdison will utilize public land and building rooftops to build the plants; that GSND would support SunEdison in securing the proper land or building areas and in completing the authorization and permission processes; that the projects are expected to be completed by the end of 2013; that, if completed, the transactions contemplated by the MOU will act to stimulate the local economy by creating more that 1,500 jobs and help GSND achieve its renewable energy diffusion target of 15% by 2030; and the expectation that SunEdison will make efforts to re-invest certain amounts of profit received from the projects for the development of the local economy and will try to encourage other companies located in Gyeongsangnam-do to participate in the construction and installation of the photovoltaic power plants.  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 the ability of the parties to negotiate mutually agreeable definitive agreements on the terms described in this release (or upon any terms at all); delays or interruptions in construction of the solar photovoltaic plants; the ability of the partners to secure sites for the projects; the timely availability of required permits and authorizations for projects from governmental entities and third parties; changes in applicable regulatory requirements and incentives for production of solar power; and other risks described in MEMC's filings with the Securities and Exchange Commission, including its Form 10-K for the 2009 fiscal year and its quarterly reports on Form 10-Q for the first and second quarters of 2010.  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

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED