BELTSVILLE, Md., Oct. 12 /PRNewswire-FirstCall/ -- SunEdison, a leading worldwide solar energy services provider and subsidiary of MEMC Electronic Materials (NYSE: WFR), today announced that Bank of America Merrill Lynch has committed to financing the final two phases of SunEdison's 17.3 megawatt (MW) solar farm project in Davidson County, North Carolina. The solar farm is being deployed through solar power purchase agreements between Duke Energy Carolinas and SunEdison.
Once all phases are activated, the 17.3MW solar farm is expected to generate over 510 million kilowatt hours of energy over 20 years—enough energy to power over 48,000 U.S. homes for one year.
"Bank of America Merrill Lynch is extremely pleased to help bring utility-scale solar power to our home market of North Carolina and build on our long-standing corporate relationship with MEMC," said Todd Karas, President of Banc of America Public Capital Corp. "Our financing of this project is a powerful example of Bank of America's 10-year, $20 billion business initiative focused on addressing climate change."
The financing of the 17.3MW solar farm affords SunEdison the opportunity to offer "no-upfront cost" solar solutions to Duke Energy with long-term predictable energy pricing. Through solar power purchase agreements, SunEdison will finance, construct, monitor and maintain the solar farm and Duke Energy will purchase the energy produced for 20 years to add to their renewable energy mix.
"Since 2004, SunEdison has deployed over 340 solar power plants across the globe," said William Lee, Vice President of Project Finance and Corporate Development at SunEdison. "Through our proven experience and timely deployments, we make solar an easy choice for our customers and our financing partners."
About Bank of America
Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 57 million consumer and small business relationships with 5,900 retail banking offices, more than 18,000 ATMs and award-winning online banking with 29 million active users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.
Bank of America Merrill Lynch is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation ("Investment Banking Affiliates"), including, in the United States, Banc of America Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, which are both registered broker-dealers and members of FINRA and SIPC, and, in other jurisdictions, locally registered entities. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured * May Lose Value * Are Not Bank Guaranteed.
SunEdison is a global provider of solar-energy services. The company develops, installs, finances and operates distributed power plants using proven photovoltaic technologies, delivering fully managed, predictably priced solar energy services for its commercial, government and utility customers. For more information about SunEdison, please visit www.sunedison.com.
MEMC is a global leader in the manufacture and sale of wafers and related intermediate products to the semiconductor and solar industries. MEMC has been a pioneer in the design and development of silicon wafer technologies for 50 years. With R&D and manufacturing facilities in the U.S., Europe, and Asia, MEMC enables the next generation of high-performance semiconductor devices and solar cells. Through its SunEdison division, MEMC is also a developer of solar power projects and North America's largest solar energy services provider.
MEMC's common stock is listed on the New York Stock Exchange under the symbol "WFR" and is included in the S&P 500 Index. For more information about MEMC, please visit www.memc.com.
Certain matters discussed in this press release are forward-looking statements, including that once all phases are activated, the 17.3MW solar farm is expected to generate over 510 million kilowatt hours of energy over 20 years—enough energy to power over 48,000 U.S. homes for one year. 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 delays or interruptions in construction or deployment; the timely availability of required permits and authorizations for projects from governmental entities and third parties; changes in applicable regulatory requirements and incentives for production of solar power; general business and economic conditions, including seasonality of the industry; and other risks described in MEMC's filings with the Securities and Exchange Commission, including its Form 10-K for the 2009 fiscal year and its quarterly reports on Form 10-Q for the first and second quarters of 2010. These forward-looking statements represent MEMC's and SunEdison's judgment as of the date of this release. MEMC and SunEdison disclaim, however, any intent or obligation to update these forward-looking statements.
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