SunEdison: Construction on 4.5 MW Solar Farm
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BELMONT, California - SunEdison, Inc. (NYSE:SUNE), the largest global renewable energy development company, announced that it has started construction on a 4.5 megawatt (MW) DC solar project in Dighton, Mass. for the Brockton Housing Authority. The housing authority, which serves around 7,000 low and very low income residents, signed a 20-year power purchase agreement with SunEdison last year, and anticipates saving more than $14 million on energy costs over the period of the agreement.
SunEdison is collaborating with ISM Solar, a national developer with industry-leading expertise in solar project management, to develop the project. ISM initiated the project and will complete permitting and interconnection and perform site control. SunEdison will supply its high performance solar panels and perform best-in-class construction services, and 24/7 monitoring and maintenance services.
"We're seeing strong demand for SunEdison's power purchase agreement solution from entities like the Brockton Housing Authority that stand to save millions of dollars by going solar," said Tom Leyden, SunEdison's vice president of partner development. "Working with local development partners like ISM is a great way for SunEdison to stay connected to smaller local markets while maximizing cash efficiency. The result is a project where the customer gets the benefit of local expertise married with the staying power and best-in-class development practices of SunEdison."
"The customer is the ultimate winner in this collaboration," stated Greg Lucini, ISM Solar's chief executive officer. "A seasoned developer like ISM, working in tandem with a world class leader like SunEdison, means that the project will be completed quickly and to the highest quality standards. In addition, the Town of Dighton has been great to work with and will benefit from annual tax payments over the next 20 years."
The solar power plant will supply Brockton Housing Authority with electricity through a state-wide program called "virtual net metering" which allows customers to enjoy the savings and environmental benefits of solar even if they are unable to install a system on site. The solar system is built in the same region as the customer, and clean energy is delivered over the existing power lines.
The 4.5 MW solar power plant is expected to generate enough clean and reliable electricity each year to offset approximately 50 percent of the housing authority's electricity usage. Additionally, the project is expected to reduce carbon dioxide emissions by approximately 80 million pounds over the period of the agreement--the equivalent of taking more than 7,500 cars off the road or powering more than 4,900 homes for one year.
Construction is targeted for completion during the first half of 2016. 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