SunEdison Sells 30MW Spectrum Solar Project To Southern Company And Turner Renewable Energy
BELMONT, Calif., Sept. 28, 2012 /PRNewswire/ -- SunEdison, a leading global solar energy services provider, and subsidiary of MEMC Electronic Materials, Inc. (NYSE: WFR), announced today that the company's forthcoming Spectrum Solar Project, a 30 megawatt (AC) / 37.5 MW (DC) solar photovoltaic power plant has been sold to Southern Company and Turner Renewable Energy.
Construction of the project is expected to begin in October on a 311 acre site in Clark County, Nevada, with commercial operation anticipated during the second quarter of 2013. In addition to developing the plant, SunEdison will be responsible for ongoing operations and maintenance.
The sale of the Spectrum project follows the sale of the 20 MW (AC) Apex project to Southern Company and Turner Renewable Energy in June. The Apex project, also located in Clark County Nevada, went into full commercial operation in the third quarter of 2012.
Electricity generated by the Spectrum plant will serve a 25-year power purchase agreement with Nevada Power Company (dba NV Energy). Headquartered in Las Vegas, NV Energy, Inc., provides a wide range of energy services and products to approximately 2.4 million residents of Nevada and nearly 40 million tourists annually.
"The Spectrum project represents not only a strengthening relationship with Southern Company, but also a strengthening commitment and presence in the Nevada market, both of which make us proud," commented Carlos Domenech, President of SunEdison. "While we pride ourselves on our capabilities and track record, the success of this project is due in large part to support from many, including NV Energy, U.S. Senator Harry Reid and several state and local officials."
SunEdison is a global provider of solar-energy services. The company develops finances, installs and operates distributed power plants using proven photovoltaic technologies, delivering fully managed, and predictably priced solar energy services for its commercial, government and utility customers. In 2011 SunEdison interconnected approximately 300 Megawatts of solar throughout the world. For more information about SunEdison, please visit www.sunedison.com
MEMC is a world leader in semiconductor and solar technology. MEMC 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, MEMC enables the next generation of high performance semiconductor devices and solar cells. Through its SunEdison subsidiary, MEMC is also a developer of solar power projects and a worldwide leader in solar energy services. MEMC's common stock is listed on the New York Stock Exchange under the symbol "WFR". For more information about MEMC, please visit www.memc.com.
Certain matters discussed in this press release are forward-looking statements; including that construction of the 30 MW solar power plant is expected to begin in October; and that commercial operation is anticipated during the second quarter of 2013. 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 normal commissioning risks attendant to large scale solar projects; power quality risks; testing risks; weather risks; the timely availability of required permits and authorizations for projects from governmental entities and third parties; changes in applicable regulatory requirements and incentives for production of solar power; general business and economic conditions; and other risks described in MEMC's filings with the Securities and Exchange Commission, including its Form 10-K for the 2011 fiscal year. These forward-looking statements represent SunEdison's judgment as of the date of this release. SunEdison disclaims, however, any intent or obligation to update these forward-looking statements.
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