BELMONT, Calif., Dec. 4, 2014 /PRNewswire/ -- SunEdison, Inc. (NYSE: SUNE), a leading global solar technology manufacturer and provider of solar energy services, today announced they have executed power purchase agreements with 16 separate public housing authorities across Massachusetts, totaling 39.5 megawatts in peak capacity.
"SunEdison's work with public housing authorities in Massachusetts clearly demonstrates that the economic benefits of solar are for everyone," said Steve Raeder, managing director of sales, SunEdison North America. "We're proud to provide long term utility savings to low income housing across the commonwealth."
"These housing authorities, and other members of the PowerOptions energy buying consortium, can hedge against the rising cost of electricity by adopting solar power," said Cynthia Arcate, PowerOptions president and chief executive officer.
Over the next 20 years, SunEdison's solar systems will save these housing authorities an estimated $60 million in avoided electricity costs, and will provide a collective environmental benefit equivalent to reducing CO2 emissions by 1 million tons, or taking 200,000 cars off the road. Net metering credits will be generated by more than 10 solar systems installed at various locations across Massachusetts, and will be sold via 20 year power purchase agreements to housing authorities including: New Bedford, Brockton, Somerville, Barnstable, Fairhaven, Fall River, Gardner, Leominster, Northampton, Plymouth, Somerset, and Winchendon. Net metering credits allow customers to realize the financial benefits of solar energy even when the system is not located at the customer's site.
SunEdison and its financing partners, including TerraForm Power (NASDAQ: TERP), a SunEdison Company, will be the owner-operators of the systems. Once operational, many of the solar systems will be managed by the SunEdison Renewable Operation Center (ROC), which provides global 24/7 asset management, monitoring and reporting services. Data collected from the ROC is used to continuously improve the company's products, project designs and service offerings.
SunEdison is a global leader in transforming how energy is generated, distributed and owned. SunEdison manufactures solar technology and develops, finances, installs and operates distributed solar power plants, delivering predictably priced electricity and services to its residential, commercial, government and utility customers. SunEdison also provides 24/7 asset management, monitoring and reporting services for hundreds of solar systems worldwide via the company's Renewable Operation Center (ROC). SunEdison has offices in North America, Europe, Latin America, Africa, India and Asia. SunEdison's common stock is listed on the New York Stock Exchange under the symbol "SUNE." To learn more visit www.sunedison.com.
PowerOptions is the largest energy buying consortium in Massachusetts, serving more than 500 nonprofit organizations and governmental entities with combined annual energy sales of roughly $200 million. With supply offerings for electricity, natural gas, and solar power, PowerOptions provides its members budget certainty and savings, as well as best-in-industry consumer protections. Any nonprofit or public institution in Massachusetts may become a member and participate in this collective purchasing effort. For more information, visit www.poweroptions.org.
Forward Looking Statements
Certain matters discussed in this press release are forward-looking statements, including entry into purchase agreements with 16 separate public housing authorities across Massachusetts, totaling 39.5 megawatts in peak capacity; over the next 20 years, SunEdison's solar systems will save these housing authorities an estimated $60 million in avoided electricity costs; will provide a collective environmental benefit equivalent to reducing CO2 emissions by 1 million tons, or taking 200,000 cars off the road. 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 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 SunEdison's filings with the United States Securities and Exchange Commission. These forward-looking statements represent SunEdison's judgment as of the date of this press release. SunEdison disclaims, however, any intent or obligation to update these forward-looking statements.
SOURCE SunEdison, Inc.