BELMONT, Calif., Nov. 19, 2015 /PRNewswire/ -- SunEdison, Inc. (NYSE:SUNE), the largest global renewable energy development company, today announced that it has signed 20-year power-purchase agreements with six school districts across California. These agreements will see more than 9 megawatts of solar installed at 18 elementary, middle, and high schools throughout the state, and is expected to save taxpayers more than $30 million in energy costs over the next 20 years.
"Installing a SunEdison solar system is one of the most immediate and effective things that schools can do to slash their energy costs," said Sam Youneszadeh, SunEdison's regional general manager of its Western U.S. solar business. "We have a proven record in installing solar systems across dozens of schools in the U.S., and we work with each district to make sure their exact needs are met."
The six unified school districts getting new solar systems are Atascadero, Fairfax, Gilroy, Paso Robles, Templeton, and Tracy.
The districts worked with California joint powers authority SPURR to arrange the solar power deals with SunEdison. SPURR helps its clients navigate the process of going solar, and has set up a competitive procurement program which ensures its clients get a great deal from a reputable solar company.
"These school districts are getting a great deal by choosing to go solar with SunEdison," said Michael Rochman, SPURR's managing director. "SunEdison's pricing and terms are far superior to anything else we have seen in the marketplace, and they have the track record to make sure these systems are cared for over their entire life."
Each solar system will be installed on a parking canopy, a roof that sits above parked cars at the school. This type of system provides two benefits: the canopies provide shade from California's hot sun while the solar panels generate cost effective, clean energy.
The solar systems are expected to generate enough energy to offset more than 75 percent of the electricity used by the school buildings. That same amount of electricity is enough to power around 2,200 California homes a year. The systems will also reduce carbon dioxide emissions by more than 170 million pounds over the 20-year period—the equivalent to the annual amount of carbon sequestered by 64,000 acres of U.S. forest, an area more than twice the size of San Francisco.
SunEdison intends to start construction during the first half of 2016, and aims to finish by the third quarter. Operation and maintenance of the solar systems will be performed by SunEdison Services, which provides global asset management, monitoring and reporting services.
About SunEdison
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.
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.
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