Duke Energy and SunEdison Announce Completion of 17.2MW Solar Farm

BELTSVILLE, Md., Jan. 26, 2011 /PRNewswire/ -- Duke Energy and Sun Edison LLC, a leading worldwide solar energy services provider and subsidiary of MEMC Electronic Materials (NYSE: WFR), announced today the activation of the final phases of a 17.2 megawatt (MW) solar farm in Davidson County, N.C.

Constructed in five phases and covering over 200 acres of land, the project is comprised of more than 63,000 photovoltaic solar panels and is expected to generate an estimated 28 million kilowatt-hours annually—enough energy to power more than 2,600 homes a year.

"Solar energy continues to increase in its importance to North Carolina customers," said Brett Carter, President, Duke Energy North Carolina. "Partnerships, like the one with SunEdison, have allowed Duke Energy to comply with North Carolina's solar requirements in a cost effective way."

The solar farm was made possible through a solar energy service agreement between SunEdison and Duke Energy where SunEdison designed and deployed the project and will be responsible for the ongoing operations and maintenance of the facility. Financing was made possible through lease financing provided by MetLife and Bank of America Merrill Lynch.  The project is rated at 17.2MW as measured in direct current, or 15.5MW as measured in alternating current.

"We are pleased to have provided financing to help complete this signature project while helping provide renewably sourced electricity to Duke Energy customers – many of whom are Bank of America customers, as well," said Todd Karas, President of Banc of America Public Capital Corp. "This project adds to the list of financing we've provided as part of Bank of America's 10-year, $20 billion business initiative focused on addressing climate change."  

"SunEdison is proud to be working with Duke Energy in meeting its solar energy goals," stated Robert Reichenberger, U.S. Vice President of Utilities for SunEdison. "By bringing together the right people, technologies and financing solutions, SunEdison is able to make large-scale solar a reality for utilities and their customers across the globe."

About Duke Energy

Duke Energy Carolinas owns nuclear, coal-fired, natural gas and hydroelectric generation. That diverse fuel mix provides approximately 19,000 megawatts of electricity capacity to approximately 2.4 million customers in a 22,000-square-mile service area of North Carolina and South Carolina.

Headquartered in Charlotte, N.C., Duke Energy is a Fortune 500 company traded on the New York Stock Exchange under the symbol DUK. More information about the company is available on the Internet at: www.duke-energy.com.  To learn more and contribute to the discussion about the energy issues of today and the possibilities of tomorrow see www.sheddingalight.org.

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, predictably priced solar energy services for its commercial, government and utility customers. In 2010 SunEdison deployed more than 112 Megawatts of solar throughout the world. For more information about SunEdison, please visit www.sunedison.com.

About MEMC

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 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" and is included in the S&P 500 Index. For more information about MEMC, please visit www.memc.com.

SOURCE SunEdison