SunEdison and TerraForm Power Announce Interconnection of Two New State Facilities to Continue Successful Partnership with California Department of Corrections and Rehabilitation Pleasant Valley State Prison and Coalinga State Hospital Latest State Facilities to Become Solar Powered
BELMONT, Calif., Aug. 28, 2014 /PRNewswire/ -- SunEdison, Inc. (NYSE: SUNE), a leading global solar technology manufacturer and provider of solar energy services and its affiliate TerraForm Power, Inc. (NASDAQ: TERP), a global renewable energy company, today announced the completion and interconnection of a 2.6 megawatt (MW) DC system at the Coalinga State Hospital and a 1.6 MW DC system at the Pleasant Valley State Prison. The systems were installed for the California Department of Corrections and Rehabilitation (CDCR) and California Department of State Hospitals, and together will provide enough electricity annually to power approximately 800 homes.
"SunEdison has installed 40 MW DC of solar at 12 different locations for the CDCR," said Bob Powell, president, North America at SunEdison. "It's been a successful long term partnership for both parties dating back to 2006. Implementing solar at a state prison could be a complex undertaking given the stringent security requirements, but our extensive design and installation experience enables us to simplify the process and deliver on time and on budget."
"Pleasant Valley is one of 12 prison sites that use solar-generated electricity, as part of our larger program to make all of our facilities as low-polluting and energy efficient as possible," said Deborah Hysen, Acting Director of Facility Planning, Construction and Management for the Department of Corrections and Rehabilitation. "Our use of solar energy is projected to reduce greenhouse gas emissions by more than 61,000 metric tons in 2014 and will save taxpayers approximately $78 million in energy costs over the next 20 years."
Energy savings are realized via a 20 year power purchase agreement (PPA) with a subsidiary of TerraForm Power, the owner of the systems. These two commercial and industrial systems represent 4.2 MW DC of the 808 MW DC in TerraForm Power's initial portfolio following its initial public offering on July 23, 2014. With the completion of these 2 projects, all five of the systems in TerraForm Power's California Public Institutions portfolio are now fully operational. Operation and maintenance of the two solar power plants will be performed by the SunEdison Renewable Operation Center (ROC), which provides global 24/7 asset management, monitoring and reporting services.
"We are proud to announce this significant milestone in our partnership with California Department of Corrections and Rehabilitation, which reinforces our position as a market leader in the commercial and industrial segment," said Carlos Domenech, president, TerraForm Power. "This project also demonstrates our strong partnership with SunEdison, which is enabling us to accelerate our growth in the market, and we look forward to progressing with this and other global programs."
SunEdison is a global leader in transforming how energy is generated, distributed and owned. SunEdison manufactures solar technology and develops, finances, installs and operates distributed solar power plants, delivering predictably priced electricity and services to its residential, commercial, government and utility customers. SunEdison also provides 24/7 asset management, monitoring and reporting services for hundreds of solar systems worldwide via the company's Renewable Operation Center (ROC). SunEdison has offices in North America, Europe, Latin America, Africa, India and Asia. SunEdison's common stock is listed on the New York Stock Exchange under the symbol "SUNE." To learn more visit www.sunedison.com.
About TerraForm Power
TerraForm Power (NASDAQ: TERP) is a global renewable energy company that is helping change the way renewable energy is generated, distributed, used and owned. TerraForm Power creates value for its investors by owning and operating high quality solar power portfolios around the globe. While TerraForm Power owns and operates some of the world's most technologically advanced solar installations, the company intend to acquire other clean power generation assets including wind, geothermal, hydroelectric and hybrid energy solutions where the right opportunities present themselves with a goal to provide power to our customers around the clock. For more information about TerraForm Power, please visit: www.TerraForm.com.
Forward Looking Statements
Certain matters discussed in this press release are forward-looking statements, including that the systems will produce enough electricity to power 800 homes, and that the use of solar energy is projected to reduce greenhouse gas emissions by more than 61,000 metric tons in 2014 and will save taxpayers approximately $78 million in energy costs over the next 20 years. 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 changes in applicable regulatory requirements and incentives for production of solar power; and general business and economic conditions, including seasonality of the industry, and other risks described in SunEdison's filings with the United States Securities and Exchange Commission. These forward-looking statements represent SunEdison's judgment as of the date of this press release. SunEdison disclaims, however, any intent or obligation to update these forward-looking statements.
SOURCE SunEdison, Inc.