BELMONT, Calif., April 16, 2015 /PRNewswire/ -- SunEdison, Inc. (NYSE: SUNE), the world's largest renewable energy development company, today announced that it has signed an agreement with Macalester College in Saint Paul, Minnesota to offset 100% of the college's electricity use with solar energy. Macalester College will save millions of dollars on electricity costs over the 25 year agreement by purchasing a share of output from SunEdison's community solar gardens.
The SunEdison community solar gardens program enables customers to receive a share of electricity output from a locally sited community solar system. Each month, the customer receives credits on their electricity bill – up to 120% of their electricity usage. At the end of the year, the customer will receive payment from the utility for any excess credits which have not been used.
"We're excited to be working with Macalester College, one of the first colleges to participate in SunEdison's community solar gardens program," said Sam Youneszadeh, Managing Director of Distributed Generation Western USA at SunEdison. "Our solar garden program allows customers to enjoy the benefits of solar even when they are unable to install solar systems on their property. We expect to see more schools, colleges, and universities follow Macalester College's lead and take advantage of the solar gardens program in the near future."
"We are happy to partner with SunEdison and participate in the community solar gardens program," said Macalester College Vice President for Finance and Administration David Wheaton. "Macalester has a long history of commitment to environmental and energy initiatives. This agreement furthers our campus sustainability goals and is a financially responsible initiative for Macalester. Given our projected consumption patterns and the expected rising trend in electricity rates over the period of the agreement, we believe that the savings over the term of the agreement could be in the millions of dollars. Those savings will begin as soon as the solar gardens are operational and will benefit both current and future students."
SunEdison plans to begin construction of the community solar gardens in 2015 and begin commercial operation in 2016. This project is on the Call Right Projects List for TerraForm Power, Inc. (Nasdaq: TERP), a global owner and operator of clean energy power plants. SunEdison anticipates offering this project to TerraForm Power for investment upon completion. Operation and maintenance of the solar power plants will be performed by SunEdison Services, which provides global 24/7 asset management, monitoring and reporting services.
About SunEdison SunEdison is the world's largest renewable energy development company and is transforming the way energy is generated, distributed and owned around the globe. The company manufactures solar technology and develops, finances, installs, owns and operates wind and solar 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 asset management, operations and maintenance, monitoring and reporting services for its renewable energy customers around the world. Corporate headquarters are in the United States, with additional offices 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 Certain matters discussed in this press release are forward-looking statements, including: we believe that the savings over the term of the agreement could be in the millions of dollars; SunEdison plans to begin construction of the community solar gardens in 2015 and begin commercial operation in 2016 and SunEdison anticipates offering this project to TerraForm Power for investment upon completion. 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 disclaim, however, any intent or obligation to update these forward-looking statements.