SunEdison Completes 24 MW Cascade Solar Power Plant, Selling Power To San Diego Gas & Electric; Financing Provided By Wells Fargo Largest Solar Power Plant Interconnected Under California RAM Program
BELMONT, Calif., March 19, 2014 /PRNewswire/ -- SunEdison (NYSE: SUNE), a leading solar technology manufacturer and provider of solar energy services announced today that it has completed construction of a 24 MW (megawatt) DC (direct current) solar power plant located in the California Desert. The Cascade solar power plant is supplying renewable electricity to San Diego Gas & Electric (SDG&E) through a 20-year Power Purchase Agreement (PPA). Wells Fargo & Company (NYSE: WFC) provided tax equity financing following completion of the solar power plant. Since 2007, Wells Fargo has provided tax equity and construction financing for more than 200 utility and distributed generation solar projects developed by SunEdison.
The project's PPA was awarded under the California Renewable Auction Mechanism (RAM). The RAM process is designed to ensure ratepayers get energy at a low cost by using a reverse auction and standard contracts, which simplifies contracting and streamlines regulatory reviews. To date this is the largest solar project to come on-line under the RAM program and the first RAM project constructed for SDG&E.
"It's an honor to bring the largest solar power plant interconnected through the California RAM program online," said Bob Powell, president, North America, SunEdison. "It supports our focus on growth and the growth of the solar industry in California. We are fortunate to work with Wells Fargo, a committed finance partner, which shares our vision for increasing the availability of renewable energy. Their support is vital to completing projects like this one."
Wells Fargo has invested more than $1.3 billion of tax equity in more than 300 solar projects since 2007. To date, Wells Fargo has provided over $3 billion in tax equity debt financing for renewable energy projects in 28 states.
"As one of the leading capital providers to the renewable energy and cleantech industries, Wells Fargo was excited to provide tax equity for the Cascade plant," said Barry Neal, head of Wells Fargo's Environmental Finance Group. "We continue to build upon our longstanding relationship with SunEdison and expand our commitment to the U.S. solar market."
The 150-acre solar power plant is comprised of more than 75,000 SunEdison Silvantis™ Monocrystalline Solar PV Modules mounted to SunEdison AP90 Single Axis Trackers. Silvantis Modules are built using SunEdison polysilicon and wafers to ensure maximum reliability and performance. SunEdison AP90 single axis trackers help maximize energy harvest. The plant will be managed by the SunEdison Renewable Operation Center (ROC), which provides global 24/7 asset management, monitoring, field dispatch and reporting services.
"Through the RAM Program we were able to work with SunEdison and deliver renewable energy to our ratepayers at an economical price," said Dan Baerman, director of origination for SDG&E. "Partnering with Wells Fargo and SunEdison made bringing our first RAM project online a seamless process."
SDG&E is a regulated public utility that provides safe and reliable energy service to 3.4 million consumers through 1.4 million electric meters and 861,000 natural gas meters in San Diego and southern Orange counties. The utility's area spans 4,100 square miles. SDG&E is committed to creating ways to help customers save energy and money every day. SDG&E is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego. Connect with SDG&E's Customer Contact Center at 800-411-7343, on Twitter (@SDGE) and Facebook.
SunEdison is a global leader in semiconductor and solar technology. SunEdison's semiconductor business has been a pioneer in the design and development of silicon wafer technologies for over 50 years. With R&D and manufacturing facilities in the U.S., Europe and Asia, SunEdison enables the next generation of high performance semiconductor devices. SunEdison's solar business develops, finances, installs and operates distributed power plants, delivering predictably priced solar energy and services for its commercial, government and utility customers. SunEdison's common stock is listed on the New York Stock Exchange under the symbol "SUNE." To learn more visit www.sunedison.com.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.5 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, and the Internet (wellsfargo.com), and has offices in more than 35 countries to support the bank's customers who conduct business in the global economy. With more than 270,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 25 on Fortune's 2013 rankings of America's largest corporations. Wells Fargo's vision is to satisfy all our customers' financial needs and help them succeed financially. Wells Fargo perspectives are also available at blogs.wellsfargo.com.
In 2013, the Company invested $275.5 million in grants to 18,500 nonprofits, and team members contributed more than 1.69 million volunteer hours around the country. A leader in reducing its own greenhouse gas emissions and building sustainably, Wells Fargo has been recognized by the U.S. Environmental Protection Agency's Center for Corporate Climate Leadership, the Carbon Disclosure Project and the U.S. Green Building Council. Since 2005, Wells Fargo has provided more than $21 billion in environmental finance, supporting sustainable buildings and renewable energy projects nationwide. For more information, please visit. www.wellsfargo.com/environment.
SOURCE SunEdison, Inc.