BELMONT, Calif., Dec. 9, 2015 /PRNewswire/ -- SunEdison, Inc. (NYSE: SUNE), the largest global renewable energy development company, today announced that it has inked a 20-year power-purchase agreement with the city of San Diego that will see 6.6 megawatts of solar installed across 25 city-owned sites. The city estimates that over the life of the agreement the solar systems will save its taxpayers $22 million.
"Smart cities like San Diego are using solar to save money now, and to hedge against rising utility rates," said Sam Youneszadeh, SunEdison's regional general manager of its Western U.S. solar business. "SunEdison has a proven track record delivering high quality solar systems to hundreds of city and government customers across the U.S.—we know how to help our customers get the best solution when it comes to saving money with solar."
"We are looking forward to working with SunEdison to reduce the City's carbon footprint," said Mayor Kevin Faulconer. "This solar agreement will help us achieve our energy efficiency goals, saving San Diegans millions of dollars over the term of the agreement while doing the right thing for the environment."
San Diego worked with California joint powers authority SPURR to arrange the solar power deal with SunEdison. SPURR helps its clients navigate the process of going solar, and has set up a competitive procurement process which ensures its clients get a great deal from a reputable solar company.
"We're confident that San Diego is getting the best deal by choosing to go solar with SunEdison," said Michael Rochman, SPURR's managing director. "SunEdison's solar solutions are far superior to anything else we have seen in the marketplace, and they have the track record to make sure these systems are cared for over their entire life."
The 25 sites getting new solar systems include the Tierrasanta, Carmel Valley and Rancho Bernardo Recreation Centers, as well as the Point Loma, Malcolm X and Serra Mesa – Kearny Mesa Libraries.
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 solar systems are expected to offset more than 70 percent of the electricity used by these buildings, the same amount consumed by around 6,700 California homes a year. The systems will also reduce carbon dioxide emissions by more than 100 million pounds over the 20-year period—the equivalent of taking more than 11,000 cars off the road.
SunEdison plans to start construction during the second quarter of 2016, with completion targeted by the fourth quarter. Operation and maintenance of the solar systems will be performed by SunEdison Services, which provides global asset management, monitoring and reporting services.
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.