BELMONT, Calif., Sept. 19, 2014 /PRNewswire/ -- SunEdison, Inc. (NYSE: SUNE), a leading global solar technology manufacturer and provider of solar energy services, in partnership with BlueWave Capital LLC of Boston, today announced the completion of a 1.8 megawatt (MW) DC solar power plant constructed on a remediated EPA Superfund site in New Bedford, Massachusetts.
The system was developed on approximately 10 acres of land on the remediated Sullivan's Ledge landfill site and represents another significant step towards meeting the City of New Bedford's goal to satisfy 60% of their electricity needs from solar power. The City of New Bedford is the owner and host of the site and will purchase the net metering credits generated from the system.
SunEdison partnered with BlueWave Capital to develop the project, arranged construction financing and permanent financing for the project, and managed local partners to provide EPC services. This project marks the second of three solar projects that SunEdison and BlueWave have developed for the City of New Bedford, a community that has been recognized nationally as being a leader in renewable energy.
"Projects like Sullivan Ledge demonstrate the opportunities that can be achieved through solar," said Steve Raeder, SunEdison's managing director of sales. "Working on a Superfund site can be challenging, but together with BlueWave Capital we successfully transformed a site that was once used to dispose of hazardous materials into a model solar project that will provide energy savings to the City of New Bedford for years to come."
"Sullivan's Ledge marks the latest chapter in the New Bedford solar success story," said John DeVillars, the managing principal of BlueWave Capital and the former regional administrator for the Environmental Protection Agency. "We are proud to have been a part of an exceptional team of professionals from the City, the EPA, the Massachusetts DEP, and of course SunEdison. This team has done a masterful job on an extraordinarily challenging project."
In addition to owning and hosting the site, the City of New Bedford signed a 20-year net credit purchasing agreement with SunEdison at rates that will significantly reduce its electricity costs. The savings generated from the Sullivan's Ledge system are estimated to total over $76,000 annually and $1.8 million dollars over the term of the agreement.
"My administration is dedicated to furthering the City of New Bedford's commitment to improving our city through solar projects such as Sullivan's Ledge," said Mayor Mitchell of New Bedford, Massachusetts. "Not only does the new system reduce energy costs, it also deepens community awareness of the many solar opportunities available."
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 BlueWave Capital
BlueWave Capital, LLC is a Boston-based renewable energy project development company with a focus on solar photovoltaic (PV) development. BlueWave has more than 600 megawatts (MW) of solar projects under development in the United States, South Africa and the Caribbean. In Massachusetts BlueWave has nearly 100MW of projects constructed or under development on behalf of more than a dozen cities, towns, colleges and public agencies. More information on BlueWave is available at www.bluewave-capital.com.
Forward Looking Statements
Certain matters discussed in this press release are forward-looking statements, including that the City of New Bedford signed a 20-year net credit purchasing agreement with SunEdison at rates that will significantly reduce its electricity costs; and the savings generated from the Sullivan's Ledge system are estimated to total over $76,000 annually and $1.8 million dollars over the term of the agreement. 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.