BELMONT, Calif., Aug. 6, 2015 /PRNewswire/ -- SunEdison, Inc. (NYSE: SUNE), the world's largest renewable energy development company, today announced that it has signed a 20 year power purchase agreement with the Rialto Unified School District in California for 8.4 megawatts (MW) DC of solar power. As part of the agreement, SunEdison will install solar canopies above the parking lots of all 28 schools in the district.
The school district expects the solar systems to generate a 20 percent savings on their electricity bill, which equates to $1 million saved in the first year alone. Over the course of the 20-year contract, the school district expects to generate an estimated $30 million dollars savings on energy costs.
"The Rialto Unified School District is taking a financially savvy approach to control their energy costs," said Sam Youneszadeh, SunEdison managing director of Western U.S. commercial and industrial. "The SunEdison solar canopies will generate clean, affordable energy while providing welcome shade for cars in the parking lot. SunEdison solar solutions are quick to deploy and bring our customers real, immediate energy savings for years to come."
"These SunEdison solar systems have the potential to generate millions of dollars in savings for our school district over the next 20 years," said Dr. Cuauhtémoc Avila, Rialto Unified School District superintendent. "These savings can be used to fund other critical needs, and the solar systems can be incorporated into the curriculum as real life examples of innovative science at work. SunEdison has a great track record of solar installations for schools throughout California and we're delighted to be working with them on this project."
Rialto's solar systems are expected to generate enough electricity each year to power more than 1,300 homes. By choosing solar, the school district is eliminating the emission of an estimated 21 million pounds of carbon dioxide annually, the equivalent of taking more than 2,000 cars off the road.
The canopy mounted solar systems are expected to be completed in the second half of 2016. The solar systems are on the Call Right Projects List for TerraForm Power, Inc. (Nasdaq: TERP), a global owner and operator of clean energy power plants. TerraForm Power anticipates acquiring these projects once complete.
Operation and maintenance of these solar power plants will be performed by SunEdison Services, which provides global 24/7 asset management, monitoring and reporting services.
SunEdison is the world's largest renewable energy development company and is transforming the way energy is generated, distributed, and owned around the globe. 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
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By their nature, 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 and TerraForm Power's Forms 10-K for the fiscal year ended December 31, 2014, as well as additional factors they may describe from time to time in other filings with the Securities and Exchange Commission. You should understand that it is not possible to predict or identify all such factors and, consequently, you should not consider any such list to be a complete set of all potential risks or uncertainties.
SunEdison and TerraForm Power disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions, factors, or expectations, new information, data, or methods, future events, or other changes, except as required by law.
SOURCE SunEdison, Inc.