SunEdison, Inc. (NYSE:SUNE), the
world’s largest renewable energy development company, today announced
the completion of a 2.1 megawatt solar energy system that will supply
electricity to Pocomoke City’s wastewater treatment plant via a 20 year
power purchase agreement. These projects were on the TerraForm Power
call right list and have been acquired and are now owned by TerraForm
Power, Inc. (Nasdaq: TERP), a global owner and operator of clean energy
power plants.
The Pocomoke City solar system is designed to produce more energy
than the on-site facility needed. Under aggregated net metering, other
buildings owned by Pocomoke City can share the output of these solar
systems, even if they are not physically connected to them or are on a
different meter.
“Aggregated net metering is an innovative way for nonprofits, farms,
and municipalities to maximize electricity savings and meet their carbon
reduction goals with minimal capital up-front,” said Michael Volpe,
Sales Director at SunEdison. “We’re proud to be working with Standard
Solar, our development and EPC partner, on these opportunities.”
“Pocomoke City calls itself The Friendliest Town on the Eastern
Shore, and, thanks to the foresight of city officials, it is well on its
way to being known as the Greenest Town on the Eastern Shore,” said
Tony Clifford, Chief Executive Officer of Standard Solar. “With no
financial outlay required by Pocomoke City, sizeable savings in
electricity costs, and positive contributions to its citizens’
environmental future, more and more municipalities are seeing the short-
and long-term advantages of going solar.”
“Our appreciation goes out to SunEdison and Standard Solar, who
introduced us to this innovative solution,” said Russell Blake, City
Manager for Pocomoke City. “We’re using aggregated net metering to
maximize savings on our electric bill.”
This project was made possible through Maryland's Aggregated Net
Metering Program, which is available for municipal institutions,
agriculture and non-profits. Through its Renewable Portfolio Standard,
the State of Maryland hopes to generate 20 percent of its electricity
from renewable sources by 2020.
About SunEdison
SunEdison is the world’s largest renewable energy development company
and is transforming the way energy is generated, distributed, and owned
around the globe. The company manufactures solar technology and
develops, finances, installs, owns and operates wind and solar 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 asset
management, operations and maintenance, monitoring and reporting
services for its renewable energy customers around the world. Corporate
headquarters are in the United States, with additional offices 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.
About TerraForm Power
TerraForm Power is a renewable energy leader that is changing how
energy is generated, distributed and owned. TerraForm Power creates
value for its investors by owning and operating renewable energy power
plants. For more information about TerraForm Power, please visit www.terraform.com.
About Standard Solar
Standard Solar, Inc. is a leader in the full-service development,
construction, integration, financing and installation of solar electric
systems. Dedicated to making Distributed Generation (“DG”) solar
solutions more accessible, the company is leading the way to energy
independence. The company is committed to offering responsible and
energy cost-saving solar solutions that conform to the highest
standards. Since 2004, Standard Solar has been developing solar projects
to creatively solve the energy needs of commercial, industrial,
educational, government, utility and other clients. Named one of the
Fastest Growing Private Companies in America for four consecutive years
by Inc. Magazine, Standard Solar operates nationally and is
headquartered in Rockville, MD. For more information, please visitwww.standardsolar.com.
Forward-Looking Statements
Certain matters discussed in this press release are forward-looking
statements, including: that the 2.1 megawatt solar PV system for
Pocomoke City will benefit all its facilities; and that the municipality
is purchasing the energy via a 20-year power purchase agreement (PPA)
with SunEdison. 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
changes in applicable regulatory requirements and incentives for
production of solar power; and general business and economic conditions,
including seasonality of the industry, and other risks described in
SunEdison's filings with the United States Securities and Exchange
Commission. These forward-looking statements represent SunEdison's
judgment as of the date of this press release. SunEdison disclaims,
however, any intent or obligation to update these forward-looking
statements.
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