BELMONT, Calif., Oct. 14, 2015 /PRNewswire/ -- SunEdison, Inc. (NYSE: SUNE), the largest global renewable energy development company, today announced that it has begun construction on a 2.8 megawatt (MW) solar project for eight schools in the Montgomery County Public School system in Maryland.
The eight solar power plants are expected to deliver approximately $200,000 of savings per year at current utility rates. The systems are projected to generate enough electricity each year to power more than 260 homes and avoid the emission of more than 5 million pounds of carbon dioxide, the equivalent of removing 500 cars from the road.
"SunEdison has a long and successful track record helping school districts across the U.S. save money with solar," said Steve Raeder, SunEdison's managing director of its Eastern U.S. commercial and industrial business. "This is our second consecutive project with the Montgomery County Public School system and we're honored to have earned their business again."
"Montgomery County Public Schools has a comprehensive districtwide program to reduce the environmental impact of its facilities through an Environmental Sustainability Management Plan, which includes generating solar power, recycling initiatives, energy conservation efforts and a commitment to green construction practices," said Dr. Andrew Zuckerman, chief operating officer for the school system. "We are excited about this project because it does more than just bring a substantial amount of renewable energy into the county; it also becomes a real-life science lab where our students can see solar energy at work."
SunEdison is partnering with Rockville, Md. based solar installer Standard Solar to construct the project.
"Standard Solar's collaboration with SunEdison is a win-win," said Tony Clifford, Standard Solar's chief executive officer. "The Montgomery County Public School system receives local EPC expertise, and Standard Solar gets access to SunEdison's world class financing, high-efficiency solar panels, construction capital, and management expertise. We have a great history of working with SunEdison and look forward to completing this project."
Construction of the first phase of the 2.8 MW solar project is targeted for completion in the fourth quarter of 2015. Operation and maintenance of the solar power plants will be performed by SunEdison Services, which provides global asset management, monitoring and reporting services.
SunEdison is the largest global renewable energy development company and is transforming the way energy is generated, distributed, and owned around the world. 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 Standard Solar
Standard Solar, Inc. is a leading solar energy company specializing in the development and financing of solar electric systems nationwide. Dedicated to making Distributed Generation (DG) solar more accessible to businesses, institutions, governments and utilities, the company is forging the path for clean, renewable energy development through turnkey solutions. With more than 100 megawatts installed, financed or maintained, Standard Solar is one of the most trusted and respected solar companies. Named one of the Fastest Growing Private Companies in America for four consecutive years by Inc. Magazine, Standard Solar operates nationally and is headquartered in Rockville, MD. For more information, please visit www.standardsolar.com.
Forward Looking Statements
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SOURCE SunEdison, Inc.