BELMONT, Calif., Sept. 28, 2015 /PRNewswire/ -- SunEdison, Inc. (NYSE: SUNE), the largest global renewable energy development company, today announced the completion of three solar canopy systems for the City of Fremont, Calif. The systems are expected to generate 1.2 megawatts (MW) DC of clean, reliable electricity for the city.
The solar canopy systems are mounted on canopy structures over parking lots at the city's Irvington Community Center, the Aqua Adventure Water Park, and the Robert Wasserman Fremont Police Center. The solar systems are expected to generate enough energy to power almost 150 homes each year and avoid the emission of more than 500 tons of carbon dioxide annually, equivalent to the amount of carbon sequestered by approximately 425 acres of forest.
The City of Fremont signed 20-year power purchase agreements with SunEdison as part of the Regional Renewable Energy Procurement Program (R-REP) led by Alameda County. It is projecting that the solar energy will save taxpayers more than $2.6 million dollars over the life of the agreement, and will result in a more than 5 percent reduction in city emissions following the completion of a fourth canopy system early next year.
"Fremont is making a positive impact on the local community by installing these solar canopy systems over several of the city's parking lots," said Sam Youneszadeh, SunEdison's general manager of west coast commercial and industrial solar. "By going solar, the city is saving taxpayer dollars, reducing their carbon footprint and supporting local jobs. These projects are the result of the successful Regional Renewable Energy Procurement Program, which allowed cities across Alameda County to participate in the Bay Area's sustainable energy future."
"These new solar projects are a major advantage for our city in more ways than one," said Bill Harrison, Mayor of the City of Fremont. "Not only will they reduce the carbon footprint from all of Fremont's operations by more than 5 percent, but they're also projected to save us $2.6 million over the next 25 years! As an added bonus, the new solar panels will provide shade and rain protection for vehicles."
In addition to the three completed systems, SunEdison is currently constructing a fourth, 349 kilowatt system for Fremont, located at the city's maintenance center. The solar system is currently in the design phase, and final commissioning is expected to happen during the first half of 2016.
Operation and maintenance of the solar structures 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.
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 Exchange Act. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. These statements involve estimates, expectations, projections, goals, assumptions, known and unknown risks, and uncertainties and typically include words or variations of words such as "expect," "anticipate," "believe," "intend," "plan," "seek," "estimate," "predict," "project," "goal," "guidance," "outlook," "objective," "forecast," "target," "potential," "continue," "would," "will," "should," "could," 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. They may include estimates of expected cash available for distribution (CAFD), earnings, revenues, capital expenditures, liquidity, capital structure, future growth, and other financial performance items (including future dividends per share), descriptions of management's plans or objectives for future operations, products, or services, or descriptions of assumptions underlying any of the above. 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. Although SunEdison believes its expectations and assumptions are reasonable, it can give no assurance that these expectations and assumptions will prove to have been correct and actual results may vary materially.
By their nature, 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. You should understand that it is not possible to predict or identify all such factors and, consequently, you should not consider any such list to be a complete set of all potential risks or uncertainties.
SunEdison disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions, factors, or expectations, new information, data, or methods, future events, or other changes, except as required by law.
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SOURCE SunEdison, Inc.
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