BELMONT, Calif., /PRNewswire/ — SunEdison, Inc. (NYSE:SUNE), the largest global renewable energy development company, today announced that it has completed construction on a 2 megawatt solar power plant for the Town of Elkton, Md.
The Mayor and Commissioners approved a 20-year power purchase agreement with SunEdison to buy the solar power generated by the system and estimate that it will save the town more than $2 million on electricity costs over the life of the agreement.
The solar power plant is expected to generate enough energy each year to power more than 270 homes and will reduce carbon dioxide emissions by more than 4 million pounds—the equivalent of taking more than 400 cars off the road.
“Elkton is making a positive impact on the local community by choosing to power their civic buildings with solar,” said Steve Raeder, SunEdison’s managing director of its Eastern U.S. commercial and industrial business. “This new solar power plant will save the town taxpayer dollars and generate jobs and economic activity for the area.”
Robert J. Alt, Mayor of the Town of Elkton, installed the final solar panel in a ceremony on Wednesday and said: “This solar project is a major step forward in environmental preservation and energy savings for our town in more ways than one. It will reduce the carbon footprint for all of Elkton’s operations, and should save us approximately $2 million over the next 20 years!”
SunEdison is collaborating with Rockville, Md. based national solar energy company Standard Solar to construct the project.
“The Town of Elkton has embraced the value of renewable energy,” said Michael Ludgate, Standard Solar’s executive vice president of sales and marketing. “Standard Solar is proud to collaborate with such an innovative municipality that understands the importance of renewable energy and is taking the proactive steps to implement a comprehensive solar program.”
Construction is targeted for completion in the fourth quarter of 2015. Operation and maintenance of the solar power plant will be performed by SunEdison Services, which provides global asset management, monitoring and reporting services.
SunEdison is the largest global renewable energy development company and is transforming the way energy is generated, distributed, and owned around the world. The company develops, finances, installs, owns and operates renewable 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 customers with asset management, operations and maintenance, monitoring and reporting services. Corporate headquarters are in the United States with additional offices and technology manufacturing 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 Standard Solar
Standard Solar, Inc. is a leading solar energy company specializing in the development and financing of solar electric systems nationwide. Dedicated to making Distributed Generation (DG) solar more accessible to businesses, institutions, governments and utilities, the company is forging the path for clean, renewable energy development through turnkey solutions. With more than 100 megawatts installed, financed or maintained, Standard Solar is one of the most trusted and respected solar companies. 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 visit www.standardsolar.com.
Forward Looking Statements
This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements involve estimates, expectations, projections, goals, assumptions, known and unknown risks, and uncertainties and typically include words or variations of words such as “anticipate,” “believe,” “intend,” “plan,” “predict,” “outlook,” “objective,” “forecast,” “target,” “continue,” “will,” or “may” or other comparable terms and phrases. All statements that address operating performance, events, or developments that SunEdison expects or anticipates will occur in the future are forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Factors that might cause such differences include, but are not limited to, a variety of economic, competitive, and regulatory factors, many of which are beyond SunEdison’s control and are described in SunEdison’s Form 10-K for the fiscal year ended December 31, 2014, as well as additional factors it may describe from time to time in other filings with the Securities and Exchange Commission. Forward-looking statements provide SunEdison’s current expectations or predictions of future conditions, events, or results and speak only as of the date they are made, but SunEdison can give no assurance that these expectations and assumptions will prove to have been correct and actual results may vary materially. SunEdison disclaims any obligation to publicly update or revise any forward-looking statement, except as required by law.
Press: SunEdison: Ben Harborne, firstname.lastname@example.org, (650) 474-1631, Investors/Analysts: SunEdison: R. Phelps Morris, email@example.com, +1 (314) 770-7325, Standard Solar: Leah Wilkinson, firstname.lastname@example.org, (703) 907-0010
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