BELTSVILLE, Md., Oct. 21 /PRNewswire/ -- SunEdison, a leading worldwide solar energy services provider and subsidiary of MEMC Electronic Materials, Inc. (NYSE: WFR), and the City of Huntington Beach, California, announced today that they have signed agreements pursuant to which SunEdison will deploy over 2 megawatts (MW) of solar capacity at three Huntington Beach city properties without upfront costs from the City.
Through solar Power Purchase Agreements (PPAs) between the City of Huntington Beach and SunEdison, SunEdison will finance, construct, monitor and maintain three carport canopy photovoltaic power plants at the Huntington Beach Civic Center, Central Library and City Yard. In return, the City will buy the energy produced from these solar systems to offset their demand from the grid at predictable energy rates for 20 years.
Commenting on the agreement, Mayor Cathy Green said, "Huntington Beach's solar project is a tangible commitment to the environment and our programs in Huntington Beach." Aaron Klemm, Energy Project Manager for Huntington Beach, added, "We evaluated a number of ways to meet our municipal solar capacity goal. The Power Purchase Agreement model made the most sense for us as there are no upfront capital or maintenance requirements from the city, and we receive very competitive power prices."
"SunEdison makes solar a reality for public sector clients like the City of Huntington Beach," said Brian Jacolick, General Manager, Americas for SunEdison. "With smart solar programs, proven experience and strong financing capabilities, SunEdison is the clear choice for government solar solutions."
The U.S. Department of Energy and the Energy Efficiency and Conservation Block Grant (EECBG) Program provided the funding for the initial research and consultation for the three solar carport canopy systems.
Once completed, the three deployments are expected to produce more than 63 million kilowatt hours (kWh) of clean solar energy over 20 years, enough energy to power over 5,900 average U.S. homes for one year. SunEdison is expected to start construction in the spring of 2011.
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, predictably priced solar energy services for its commercial, government and utility customers. In 2009, SunEdison delivered more kilowatt hours (kWh) of energy than any other solar services provider in North America. 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 completed, the three deployments are expected to produce more than 63 million kilowatt hours (kWh) of clean solar energy over 20 years; and that SunEdison is expected to start construction in the spring of 2011. 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 of the carport canopy photovoltaic power plants; 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.