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.
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