BELMONT, Calif., Sept. 15, 2015 /PRNewswire/ -- SunEdison, Inc. (NYSE: SUNE), the largest global renewable energy development company, today announced that it will begin construction on the company's first community solar project in Massachusetts, a 2.7 megawatt (MW) DC solar farm in the town of Foxborough.
Community solar is a great way for homeowners and businesses to save on their utility bill without needing to install a solar system on their property. The system is typically installed at a community location and customers subscribe to receive a portion of the system's output via net metering credits.
Homeowners in the National Grid's Southeastern Massachusetts (SEMA) area can sign up for SunEdison's community solar project and receive up to a 10 percent discount on their electricity utility rate. SunEdison expects to bring more community solar programs online in Massachusetts in 2016.
"SunEdison's community solar project is an exciting opportunity for homeowners, businesses and municipalities to save money while contributing to a cleaner environment in Foxborough," said Steve Raeder, general manager of SunEdison's east coast commercial and industrial solar business. "Massachusetts has some of the most expensive electricity rates in the country, but with community solar, we're able to reduce participants' electricity costs without an up-front cash commitment and without the need to install a solar system on their property."
The town of Foxborough, Massachusetts is hosting the solar farm and has signed a 20-year power purchase agreement with SunEdison to subscribe to half of the solar farm's output. Foxborough expects to use the clean electricity to supply its municipal operations, including its schools.
"Community solar is a game changer," said William Keegan, Foxborough's town manager. "By going solar we're saving taxpayers money and bringing economic activity and cleaner air to the community. We are pleased to be able to partner with SunEdison as they enter the Massachusetts community solar market."
The solar power plant is expected to generate enough energy to power more than 320 homes. This system avoids the emission of more than five million pounds of carbon dioxide, the equivalent of taking close to 500 cars off the road per year.
Operation and maintenance of the solar farm 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.
Forward Looking Statements
This communication contains 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 variations 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.
SOURCE SunEdison, Inc.