BELMONT, Calif., July 21, 2015 /PRNewswire/ -- SunEdison, Inc. (NYSE: SUNE), the world's largest renewable energy development company, and TerraForm Power, Inc. (Nasdaq: TERP), a global owner and operator of clean energy power plants, in partnership with BlueWave Capital LLC, a Boston-based solar developer, today announced the completion of a 4.1 megawatt (MW) DC solar power plant for the city of New Bedford. SunEdison and BlueWave Capital have now installed 16 MW of solar for New Bedford and enabled the city to achieve its ambitious goal of generating two thirds of its electricity from renewable sources.
In the process of becoming a leader in renewable energy, the city will save its citizens $30 million in electricity costs over the next 20 years. New Bedford is now recognized nationally as a leader in renewable energy, and ranks first per capita among municipalities in the continental U.S. in its use of solar electricity.
"This is the third system that SunEdison and BlueWave have developed for the city under Mayor Mitchell's administration," said Steve Raeder, SunEdison managing director of distributed generation for Eastern USA. "And with this solar power plant, the city exceeds its original solar goals. New Bedford is a shining example of how municipalities can save money and reduce their carbon footprint with solar."
The solar power plant is expected to supply the city of New Bedford and Cape Cod Community College with enough electricity each year to power more than 460 homes and should eliminate the emission of approximately 3,700 tons of carbon dioxide, the equivalent of taking more than 706 cars off the road. The City and College are purchasing the solar energy through a 20-year power purchase agreement.
"What was once a modest local effort here in New Bedford has turned into one of the nation's most ambitious moves to adopt solar," said Jon F. Mitchell, Mayor of New Bedford. "Now, in addition to the Sullivan's Ledge Solar Project and the Plymouth Solar Project, this project is quietly generating power, cutting city utility bills and saving taxpayer dollars. Our renewable power program is also strengthening our city's economy and our environment in a big way. I could not be prouder of the creativity, commitment, and teamwork of all those here who helped us reach our goals."
"New Bedford didn't get to be a national leader in renewable energy by accident. With Mayor Mitchell's leadership and a great team of public servants, and very talented professionals from SunEdison, BlueWave and ProTech this project represents another star on the solar scoreboard for the City," said John DeVillars, managing principal of BlueWave Capital. "And we're especially proud to dedicate this, our eighth solar project for the City, to Tom Davis who has put a few stars on the board for the City himself over the years!"
The solar power plant is located in Dartmouth, Mass. in the New Bedford Business Park and is named after Tom Davis, former executive director of the Greater New Bedford Industrial Foundation. Mr. Davis, a long-time leader in the New Bedford area, played a prominent role in the development of the solar park and was onsite at the project commissioning today to witness the unveiling of the solar park sign that bears his name.
The power plant is one of the 12 projects SunEdison developed with BlueWave Capital. The organizations partnered to develop the project, arranged construction financing and permanent financing, and managed local partners to provide EPC services.
TerraForm Power acquired the power plant from SunEdison in December 2014.
Operation and maintenance of the solar power plant will be performed by SunEdison Services, which provides global 24/7 asset management, monitoring and reporting services.
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 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 BlueWave Capital
BlueWave Capital, LLC is a mission-driven solar energy development and finance company headquartered in Boston MA with offices located in Charleston SC; Nassau, The Bahamas; and Cape Town, SA. BlueWave has helped Massachusetts become a national leader in solar energy deployment through its development of over 50 MW of solar projects in the state. The company has executed PPA's with more than 20 cities, towns, community colleges, housing authorities and private schools in the Commonwealth. BlueWave has a demonstrated and long-standing commitment to progressive environmental and energy policy and believes in using solar as not only a means of reducing electricity costs but also as leverage to achieve community and economic development goals.
Forward Looking Statements
Certain matters discussed in this press release are forward-looking statements, including: the solar power plant is expected to supply the city of New Bedford and Cape Cod Community College with enough electricity each year to power more than 460 homes and should eliminate the emission of approximately 3,700 tons of carbon dioxide, the equivalent of taking more than 706 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.