BELMONT, Calif., Aug. 5, 2015 /PRNewswire/ -- SunEdison, Inc. (NYSE: SUNE), the world's largest renewable energy development company, today announced that it has closed financing and begun construction on one of its largest wind farms to date, the 300-megawatt (MW) South Plains II wind farm in Floyd County, Texas.
The wind farm is expected to generate approximately 1,200 gigawatt-hours of energy each year, enough to power more than 90,000 Texas homes and avoid the emission of 2 billion pounds of carbon dioxide.
"The South Plains II wind power facility will have a positive economic impact for the people of Texas," said Paul Gaynor, SunEdison's executive vice president of Americas and EMEA. "This is expected to become one of SunEdison's largest wind projects, creating about 300 construction jobs and ensuring that thousands of Texans have access to clean, cost-effective electricity."
Citi provided the construction loan facilities for the project and BHE Renewables, a subsidiary of Berkshire Hathaway Energy, in partnership with Citi, will invest in the tax equity.
"Our company has been a leader in wind project development and ownership," said Tom Budler, president of BHE Wind, a division of BHE Renewables. "As we look for new ways to be involved in developing renewable generation, we see tremendous opportunity to move the industry forward through investment in the tax equity market."
The project is being built by Mortenson Construction, one of the nation's top wind farm builders; and the wind turbines are being supplied by Vestas.
"We are delighted to be partnering with SunEdison on this wind farm and contributing to the growth of the renewable energy industry in Texas," said Tim Maag, Mortenson's Wind Energy Group vice president and general manager.
Hewlett-Packard plans to purchase 112 megawatts of the wind farm's capacity to power 100 percent of its Texas-based data centers as part of the company's sustainable cloud initiative. The remaining 188 MW capacity will be sold to an affiliate of Citi.
Construction is targeted for completion in 2016. The wind farm is on the Call Right Projects List for TerraForm Power, Inc. (Nasdaq: TERP), a global owner and operator of clean energy power plants. TerraForm Power anticipates acquiring the project once complete.
Operation and maintenance of the wind power plants will be performed by SunEdison Services, which provides global 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 TerraForm Power
TerraForm Power is a renewable energy leader that is changing how energy is generated, distributed and owned. TerraForm Power creates value for its investors by owning and operating clean energy power plants. For more information about TerraForm Power, please visit: http://www.terraform.com.
Forward Looking Statements This communication may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. These statements involve estimates, expectations, projections, goals, assumptions, known and unknown risks, and uncertainties and typically include words or variation of words such as "expect," "anticipate," "believe," "intend," "plan," "seek," "estimate," "predict," "project," "goal," "guidance," "outlook," "objective," "forecast," "target," "potential," "continue," "would," "will," "should," "could," or "may" or other comparable terms and phrases. All statements that address operating performance, events, or developments that SunEdison or TerraForm Power expects or anticipates will occur in the future are forward-looking statements. They may include estimates of expected cash available for distribution (CAFD), earnings, revenues, capital expenditures, liquidity, capital structure, future growth, and other financial performance items (including future dividends per share), descriptions of management's plans or objectives for future operations, products, or services, or descriptions of assumptions underlying any of the above. Forward-looking statements provide SunEdison's current expectations or predictions of future conditions, events or results and speak only as of the date they are made. Although SunEdison and TerraForm Power believe their expectations and assumptions are reasonable, they can give no assurance that these expectations and assumptions will prove to have been correct and actual results may vary materially.
By their nature, forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Factors that might cause such differences include, but are not limited to, a variety of economic, competitive and regulatory factors, many of which are beyond SunEdison's control and are described in SunEdison's and TerraForm Power's Forms 10-K for the fiscal year ended December 31, 2014, as well as additional factors they may describe from time to time in other filings with the Securities and Exchange Commission. You should understand that it is not possible to predict or identify all such factors and, consequently, you should not consider any such list to be a complete set of all potential risks or uncertainties.
SunEdison and TerraForm Power disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions, factors, or expectations, new information, data, or methods, future events, or other changes, except as required by law.
SOURCE SunEdison, Inc.