SunEdison, Inc. (NYSE:SUNE), the
world’s largest renewable energy development company, today announced
the completion of a 2.5 megawatt solar energy system that will supply
electricity to the Cecil County School of Technology 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 Cecil County School of Technology’s solar system is designed to
produce more energy than the on-site facility needed. Under aggregated
net metering, other buildings owned by the Cecil County Board of
Education can share the output of these solar systems, even if they are
not physically connected to them or are on a different meter.
“The Cecil County Board of Education is making a smart financial move
by leveraging Maryland’s aggregated net metering program to maximize
electricity savings across all of their buildings,” said Michael Volpe,
Sales Director at SunEdison.
“Our school system is achieving electricity savings through the use
of aggregated net metering,” said Perry Willis, Executive Director of
Support Services, Cecil County Public Schools. “SunEdison’s expertise
has helped us achieve our goals and we look forward to enjoying energy
savings for many years to come. The extra savings means more resources
for our teachers and students, which we’re thrilled about.”
“Standard Solar is excited to be working with Cecil County Public
Schools and SunEdison to make this project a reality,” said Scott
Wiater, President of Standard Solar. “We’re always honored to work on
projects like this which benefit students and teachers.”
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 a global leader in transforming how energy is generated,
distributed and owned. SunEdison manufactures solar technology and
develops, finances, installs and operates distributed solar power
plants, delivering predictably priced electricity and services to its
residential, commercial, government and utility consumers. SunEdison
also provides 24/7 asset management, monitoring and reporting services
for hundreds of solar systems worldwide via the company’s Renewable
Operation Center (ROC). SunEdison has offices in North America, Europe,
Latin America, Africa, India and Asia. SunEdison’s common stock is
listed on the New York Stock Exchanges 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 2.5 megawatt solar photovoltaic (PV)
system for the Cecil County Board of Education will benefit all its
facilities; and that the municipality is purchasing the energy via a
20-year power purchase agreement (PPA) with TerraForm Power. 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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