BELMONT, Calif., Dec. 3, 2015 /PRNewswire/ -- SunEdison, Inc. (NYSE: SUNE), the largest global renewable energy development company, today announced that it has started construction on a 4.5 megawatt (MW) DC solar project in Dighton, Mass. for the Brockton Housing Authority. The housing authority, which serves around 7,000 low and very low income residents, signed a 20-year power purchase agreement with SunEdison last year, and anticipates saving more than $14 million on energy costs over the period of the agreement.
SunEdison is collaborating with ISM Solar, a national developer with industry-leading expertise in solar project management, to develop the project. ISM initiated the project and will complete permitting and interconnection and perform site control. SunEdison will supply its high performance solar panels and perform best-in-class construction services, and 24/7 monitoring and maintenance services.
"We're seeing strong demand for SunEdison's power purchase agreement solution from entities like the Brockton Housing Authority that stand to save millions of dollars by going solar," said Tom Leyden, SunEdison's vice president of partner development. "Working with local development partners like ISM is a great way for SunEdison to stay connected to smaller local markets while maximizing cash efficiency. The result is a project where the customer gets the benefit of local expertise married with the staying power and best-in-class development practices of SunEdison."
"The customer is the ultimate winner in this collaboration," stated Greg Lucini, ISM Solar's chief executive officer. "A seasoned developer like ISM, working in tandem with a world class leader like SunEdison, means that the project will be completed quickly and to the highest quality standards. In addition, the Town of Dighton has been great to work with and will benefit from annual tax payments over the next 20 years."
The solar power plant will supply Brockton Housing Authority with electricity through a state-wide program called "virtual net metering" which allows customers to enjoy the savings and environmental benefits of solar even if they are unable to install a system on site. The solar system is built in the same region as the customer, and clean energy is delivered over the existing power lines.
The 4.5 MW solar power plant is expected to generate enough clean and reliable electricity each year to offset approximately 50 percent of the housing authority's electricity usage. Additionally, the project is expected to reduce carbon dioxide emissions by approximately 80 million pounds over the period of the agreement—the equivalent of taking more than 7,500 cars off the road or powering more than 4,900 homes for one year.
Construction is targeted for completion during the first half of 2016. Operation and maintenance of the solar power plant will be performed by SunEdison Services, which provides global asset management, monitoring and reporting services.
SunEdison is the largest global renewable energy development company and is transforming the way energy is generated, distributed, and owned around the world. 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.
About ISM Group
ISM Solar, the renewable energy division of the ISM Group, specializes in solar site development services. Founded in 1987, the ISM Group represents a consortium of companies that offer sourcing and technology solutions for some of the most well-known and respected companies in the electronics and renewable energy industries. ISM offers a smarter, more cost-effective path to quality products by providing industry-leading expertise in engineering, project management, quality assurance, and supply chain management.
ISM Solar is the exclusive developer of SolarTurf™. This all-in-one system is comprised of ballasted solar arrays mounted on ClosureTurf®, an EPA, Subtitle D Compliant landfill closure solution. SolarTurf™ generates positive environmental impacts by reclaiming degraded land to generate utility-scale, clean energy.
Forward Looking Statements
This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements involve estimates, expectations, projections, goals, assumptions, known and unknown risks, and uncertainties and typically include words or variations of words such as "anticipate," "believe," "intend," "plan," "predict," "outlook," "objective," "forecast," "target," "continue," "will," or "may" or other comparable terms and phrases. All statements that address operating performance, events, or developments that SunEdison expects or anticipates will occur in the future are forward-looking statements. 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 Form 10-K for the fiscal year ended December 31, 2014, as well as additional factors it may describe from time to time in other filings with the Securities and Exchange Commission. Forward-looking statements provide SunEdison's current expectations or predictions of future conditions, events, or results and speak only as of the date they are made, but SunEdison can give no assurance that these expectations and assumptions will prove to have been correct and actual results may vary materially. SunEdison disclaims any obligation to publicly update or revise any forward-looking statement, except as required by law.
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SOURCE SunEdison, Inc.