BELTSVILLE, Md., May 21 /PRNewswire/ -- SunEdison, North America's largest solar energy services provider and a subsidiary of MEMC Electronic Materials (NYSE: WFR), today announced an agreement with Weingarten Realty Investors (NYSE: WRI), a real estate investment trust, for the deployment of up to 10 MW of PV solar power plants in Arizona and New Mexico. By leasing space on Weingarten's underused rooftops SunEdison will install and operate solar energy systems that will allow Weingarten to convert underused roof space into a source of new revenue. Once a system is operational, Weingarten Realty Investors will purchase the energy for common areas, and/or allow their tenants to realize energy savings by choosing to purchase power generated through the program at or below average retail energy rates.
"This program with SunEdison will provide Weingarten and its tenants with predictable energy costs," said Bill Goeke, Senior Vice President, Property Management of Weingarten Realty Investors. "SunEdison brings proven expertise in structuring, financing and operating large-scale solar projects. Having green buildings is obviously good for the environment, and we expect the rooftop PV systems to become a significant amenity we will use in marketing our properties."
"Weingarten Realty Investors understands how to think creatively about deal structure and tenant amenities," said Brian Jacolick, General Manager, Americas for SunEdison. "This agreement delivers on that thinking in a way that will reduce electricity costs and enhance property values. We look forward to a long, productive partnership."
SunEdison and Weingarten are currently investigating additional deployment opportunities in other regions of the United States.
About Weingarten Realty Investors
Weingarten Realty Investors (NYSE: WRI) is a commercial real estate owner, manager and developer. At March 31, 2010, the company owned or operated under long-term leases, either directly or through its interest in real estate joint ventures or partnerships, a total of 376 developed income-producing properties and 10 properties under various stages of construction and development. The total number of properties includes 307 neighborhood and community shopping centers located in 22 states spanning the country from coast to coast. The company also owns 76 industrial projects located in California, Florida, Georgia, Tennessee, Texas and Virginia and three other operating properties located in Arizona and Texas. At March 31, 2010, the Company's portfolio of properties was approximately 70.1 million square feet. To learn more about the Company's operations and growth strategies, please visit www.weingarten.com.
SunEdison is North America's largest solar energy services provider. The company finances, installs and operates distributed power plants using proven photovoltaic technologies, delivering fully managed, predictably priced solar energy services for its commercial, government and utility customers. For more information about SunEdison, please visit www.sunedison.com.
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.
Sr. Marketing Communications Manager
Director, IR & Corporate Communications
MEMC Electronic Materials, Inc.
Director of Investor Relations