BELMONT, Calif., July 22, 2014 /PRNewswire/ -- SunEdison, Inc. (NYSE:SUNE), a leading solar technology manufacturer and provider of solar energy services, today announced that it has signed a 20-year power purchase agreement (PPA) with the Southern Nevada Water Authority (SNWA). The power purchase agreement enables SNWA to lock in a significant portion of its energy costs at a fixed rate, providing an effective hedge against future increases. As part of the agreement, SunEdison will develop, construct, own and operate a 14 megawatt (MW) AC solar photovoltaic (PV) power plant, located in Clark County, Nevada.
"This partnership with SunEdison expands our renewable energy portfolio to about 18 percent of our total power mix, and it provides additional stability to power costs, which ultimately benefits Southern Nevada's municipal water users," said John Entsminger, Southern Nevada Water Authority General Manager. "When compared with traditional power production from fossil fuels, this solar facility will also save more than 100 million gallons of water and contribute to the sustainability of our community."
Water is used in a number of ways in fossil fuel based electricity production, including generating steam to turn turbines, helping to keep power plants cool, and flushing away the fuel residue after fossil fuels are burned. By contrast, solar PV power plants do not use water in the production of electricity.
"This project is a great example of how SunEdison can provide cost effective solar solutions to fit almost any location," said Bob Powell, President, North America at SunEdison. "This ground-mounted facility will be built around a transmission and pipeline infrastructure that is quite complex – if we can do it here, we can do it anywhere."
Construction of the facility will begin in early 2015 with commercial operation slated for later that year. Once operational, the solar power plant 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.
About Southern Nevada Water Authority
The Southern Nevada Water Authority (SNWA) is a cooperative, not-for-profit agency formed in 1991 to address Southern Nevada's unique water needs on a regional basis. SNWA's members include: Big Bend Water District; Clark County Water Reclamation; the cities of Boulder City, Henderson, Las Vegas, North Las Vegas; and the Las Vegas Valley Water District. For more information about SNWA, please visit www.snwa.com.
Forward Looking Statements
Certain matters discussed in this press release are forward-looking statements, including that the power purchase agreement enables SNWA to lock in a significant portion of its energy costs at a fixed rate; SunEdison will develop, construct, own and operate a 14 megawatt AC (MW) solar photovoltaic (PV) power plant, located in Clark County, Nevada; and Construction of the facility will begin in early 2015 with commercial operation slated for later that year. 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.