BELMONT, Calif., June 29, 2012 /PRNewswire/ -- SunEdison, a leading global solar energy services provider, and subsidiary of MEMC Electronic Materials, Inc. (NYSE: WFR), announced today that the company's Apex Solar Project, a 20 megawatt (AC) / 24.8 MW (DC) solar photovoltaic power plant, has been sold to Southern Company and Turner Renewable Energy. SunEdison began building the facility, which is located on a 154-acre site in the City of North Las Vegas in Clark County, Nevada, in October 2011 and expects it to be at full commercial operation in the 2012 third quarter.
This is the first project sale between Southern Company and SunEdison. SunEdison developed and built the plant and will be responsible for ongoing operations and maintenance.
Electricity generated by the plant will serve a 25-year power purchase agreement with Nevada Power Company (dba NV Energy). Headquartered in Las Vegas, NV Energy, Inc., provides a wide range of energy services and products to approximately 2.4 million residents of Nevada and nearly 40 million tourists annually.
"As a long-term leader in the solar industry, we are committed to providing reliable and predictably priced solar energy for our customers," said MEMC CEO Ahmad Chatila. "The planning, construction and acquisition of the Apex Project is consistent with this commitment and occurred thanks to support from multiple sources, including NV Energy, Nevada Governor Brian Sandoval, United States Senator Harry Reid and the City of North Las Vegas."
About SunEdison SunEdison is a global provider of solar-energy services. The company develops finances, installs and operates distributed power plants using proven photovoltaic technologies, delivering fully managed, and predictably priced solar energy services for its commercial, government and utility customers. In 2011 SunEdison interconnected approximately 300 Megawatts of solar throughout the world. For more information about SunEdison, please visit www.sunedison.com
About MEMC MEMC is a world leader in semiconductor and solar technology. MEMC has been a pioneer in the design and development of silicon wafer technologies for over 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 subsidiary, MEMC is also a developer of solar power projects and a worldwide leader in solar energy services. MEMC's common stock is listed on the New York Stock Exchange under the symbol "WFR". For more information about MEMC, please visit www.memc.com.
Forward-Looking Statements Certain matters discussed in this press release are forward-looking statements; including that the 20MW solar power plant is expected to be in full commercial operation in the 2012 third quarter. 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 normal commissioning risks attendant to large scale solar projects; power quality risks; testing risks; weather risks; 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; and other risks described in MEMC's filings with the Securities and Exchange Commission, including its Form 10-K for the 2011 fiscal year. These forward-looking statements represent SunEdison's judgment as of the date of this release. SunEdison disclaims, however, any intent or obligation to update these forward-looking statements.