BELMONT, Calif., May 28, 2015 /PRNewswire/ -- SunEdison, Inc. (NYSE: SUNE) the world's largest renewable energy development company, today announced that it has signed agreements with five municipal entities on Long Island to build seven solar power plants totaling 14 megawatts (MW) DC.
The electricity from these power plants will be sold to the Long Island Power Authority (LIPA), an electricity service provider for 1.1 million customers in Long Island, New York, through separate 20 year power purchase agreements. The contracts with the Town of Southold, Town of Easthampton, Nassau County, Suffolk County and the Suffolk County Water Authority were awarded as part of the LIPA 100 MW Clean Solar Initiative Feed-in Tariff program.
"LIPA's Clean Solar Initiative program allows communities to benefit from locally generated solar energy, enabling them to better control energy costs," said Steve Raeder, managing director of Eastern USA distributed generation for SunEdison. "This program has been extremely successful and we look forward to developing more projects in Long Island."
Raeder went on to say: "And with the new NYSERDA block incentive program and the governor's Reforming the Energy Vision plan, we can replicate our success in Long Island and bring clean, affordable solar energy to customers across the entire state of New York."
The solar power plants are expected to produce enough electricity to power more than 1,100 homes, and should eliminate the emission of more than 27 million pounds of carbon dioxide annually, the equivalent of taking more than 2,600 cars off the road. As an added benefit, the construction of these solar power plants will create an estimated 100 jobs in the Long Island area.
These solar power plants are on the Call Right Projects List for SunEdison's Yieldco affiliate, TerraForm Power, Inc. (Nasdaq: TERP), a global owner and operator of clean energy power plants. Accordingly, TerraForm Power expects to purchase these projects upon completion. 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 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: the solar power plants are expected to produce enough electricity to power more than 1,100 homes, and should eliminate the emission of more than 27 million pounds of carbon dioxide annually, the equivalent of taking more than 2,600 cars off the road; and the construction of these solar power plants will create an estimated 100 jobs in the Long Island area. 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.