SunEdison Completes 6 Megawatt Solar Power Plant for Lakeland Electric in Lakeland, Florida
BELMONT, Calif., Aug. 19, 2015 /PRNewswire/ -- SunEdison, Inc. (NYSE: SUNE), the world's largest renewable energy development company, today announced that it has completed construction of a 6 megawatt (MW) AC solar power plant that will supply electricity to Lakeland Electric, the third largest public power utility in the State of Florida, through a 25-year power purchase agreement.
The Bella Vista solar power plant is expected to generate approximately 14 gigawatt-hours of electricity each year, enough to power more than 1,300 homes and avoid the emission of 21 million pounds of carbon dioxide, the equivalent to removing more than 2,000 cars from the road.
In addition to the 6 MW Bella Vista solar power plant, SunEdison has completed three other projects for Lakeland Electric and is developing two more. The total solar power capacity of the portfolio under the Master Agreement is expected to be 24 MW.
"Lakeland Electric is a forward thinking, pragmatic utility company," said Paul Gaynor, SunEdison's executive vice president of the Americas and EMEA. "With the Bella Vista solar project, and two other projects that are currently being developed, Lakeland and its customers will have access to clean, reliable, and cost-effective energy for years to come. By the end of the first quarter of 2016, we expect to have finished all six projects for Lakeland Electric, completing their 24 MW solar portfolio."
"SunEdison has consistently been a leader in renewable energy development," said Joel Ivy, Lakeland Electric's general manager. "Our customers told us they wanted renewable energy and our partnership with SunEdison ensures this happens on time and on budget. We are excited to expand our portfolio with clean, reliable renewable energy, which will enable us to give our customers predictably priced low-cost electricity for years to come."
The completion of the solar power plant was commemorated with a ribbon cutting ceremony, attended by City of Lakeland Commissioner and Mayor Pro Temp Phillip Walker, City of Lakeland City Manager Doug Thomas, Lakeland Electric General Manager Joel Ivy, Lakeland Electric Alternative Energy Coordinator Jeff Curry, and SunEdison Senior Manager Frances Yuhas.
TerraForm Power, Inc. (Nasdaq: TERP), a global owner and operator of clean energy power plants, acquired this project upon completion from its Call Right Projects list.
Operation and maintenance of the solar system will be performed by SunEdison Services, which provides global 24/7 asset management, monitoring and reporting services.
About SunEdison
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 Lakeland Electric
Lakeland Electric is the third largest public power utility in the State of Florida serving over 120,000 customers with production capability of over 1100 Megawatts. Lakeland Electric has been investing in solar projects for over 20 years. Their dedication to funding cleaner energy sources is evident in their commission of their third, large scale solar array, Bella Vista. From LED streetlights to a solar hot water heating program, Lakeland Electric is proud of their long standing traditions and pursuit of excellence. Through 2016, they intend to commission two additional large scale solar farms, bringing their alternative energy portfolio to around 3% of their summer energy needs.
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 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 believes its expectations and assumptions are reasonable, it 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 Form 10-K for the fiscal year ended December 31, 2014, as well as additional factors it 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 disclaims 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.
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SOURCE SunEdison, Inc.
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