BELMONT, Calif., Nov. 29, 2012 /PRNewswire/ -- SunEdison, a leading worldwide solar energy services provider and a subsidiary of MEMC Electronic Materials (NYSE: WFR), today announced a new 25 year Power Purchase Agreement (PPA) to deliver 20 megawatts (MW) to Riverside Public Utilities (RPU), the municipal electric utility of the City of Riverside, California.
SunEdison will construct the 20 MW North Lake I Solar plant on previously disturbed land owned by the Metropolitan Water District near the Diamond Valley Lake reservoir in western Riverside County. The project is expected to deliver renewable energy and reduce the need for costly transmission upgrades due to its proximity to load centers, including the RPU service territory.
"SunEdison's industry expertise and proven track-record give us great confidence that the project will be delivered on-time to help meet our renewable energy targets," said David H. Wright, RPU General Manager. "Our partnership with SunEdison will enable us to deliver clean energy to our citizens at cost-effective rates while also enhancing reliability with peak-producing power. Riverside is an environmental leader among municipal utilities, and this contract builds upon our environmental stewardship."
Riverside is among the first of California's municipal utilities to enter into a utility-scale solar contract of this size. Under Senate Bill X 1-2, California extended its Renewable Portfolio Standards (RPS) program goal to 33% and included publicly-owned utilities (POUs) such as Riverside.
"We are very excited to be working with the City of Riverside on this project and consider them a progressive leader among municipal utilities in the adoption of renewable energy," said Tim Derrick, General Manager of North America for SunEdison. "We are looking forward to a strong relationship with Riverside as we complete development and delivery of the North Lake solar project." SunEdison plans to begin construction on the project in 2014 and begin delivering power in 2015.
In addition to the contract from RPU, SunEdison also was awarded 3 PPAs totalling 48 MW by Southern California Edison (SCE) and one 18.5 MW PPA by San Diego Gas and Electric (SDG&E) under the Renewable Auction Mechanism (RAM) program. The California Public Utilities Commission (CPUC) approved the SCE contracts effective October 31, 2012 and is currently reviewing the SDG&E contract. The RAM program requires that projects start operating 24 months after CPUC approval.
About SunEdison 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 http://www.sunedison.com
About MEMC MEMC is a global 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.
About Riverside Public Utilities Established in 1895, Riverside Public Utilities is a consumer-owned water and electric utility governed by a board of nine community volunteers that provides high quality, reliable services to over 106,000 metered electric customers and up to 64,000 metered water customers throughout the City of Riverside. The Utility is committed to increased use of renewable energy resources and sustainable living practices that help reduce environmental impacts within the City of Riverside and the state of California. http://www.GreenRiverside.com
Forward-Looking Statements Certain matters discussed in this press release are forward-looking statements, including that SunEdison plans to begin construction on the North Lake solar project in 2014 and begin delivering power thereunder in 2015. 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, delays or interruptions in construction, deployment or activation; 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; and general business and economic conditions, including seasonality of the industry, and other risks described in the company's filings with the Securities and Exchange Commission. Additionally, there can be no assurances that the CPUC approval will be provided for the SDG&E project or that the SCE project or the SDG&E project will be built within the CPUC approval timeframe or at all. These forward-looking statements represent the company's judgment as of the date of this press release. The company disclaims, however, any intent or obligation to update these forward-looking statements.