SunEdison Acquires Two Solar PV Projects From TransAlta
Wednesday, June 16th 2010 2:32:57pm
10 megawatt solar farm to be deployed first
TORONTO, June 16 -- SunEdison, a division of MEMC Electronic Materials, Inc. (NYSE: WFR), today announced its purchase of two ground-mount solar photovoltaic (PV) development projects in Ontario from TransAlta, Canada's largest publicly traded generator and marketer of electricity and renewable power. This acquisition is part of SunEdison's ongoing activities to accelerate the development of solar PV projects in Ontario.
Under the terms of the sale, SunEdison acquired more than 300 acres of land across two sites near Sandhurst, Ontario (south of Napanee). The first site will be used to develop and construct a 10-MW Renewable Energy Standard Offer Program (RESOP) project. The second site will be developed for Ontario's Feed-in-Tariff (FIT) program.
SunEdison will finance, build, own, operate, monitor and maintain the solar energy systems. The Ontario Power Authority will purchase the energy produced under the terms of Ontario's RESOP and FIT programs, both enabled by Ontario's Green Energy Act.
"We are excited to have purchased these solar photovoltaic development projects," said Jason Gray, Canada Country Manager for SunEdison. "SunEdison has a successful record of utility-scale solar PV system installations. We have the proven ability to bring solar energy projects to fruition and to do so quickly, so that we can all enjoy a cleaner, greener Ontario."
SunEdison will work with Hydro One, Greater Napanee officials, and the local community to begin construction on the RESOP project in early 2011. It is estimated the system will offset more than 50 million kilograms of CO2 over the initial 20 years of operation. The timing for the deployment of the FIT project will be determined at a later date.
"We are pleased to see SunEdison continue their efforts in developing solar PV projects in Ontario," commented Laura Formusa, CEO of Hydro One. "Their expertise in solar has been a benefit to the province and we look forward to working with them in interconnecting another one of their projects."
SunEdison is North America's largest solar energy services provider. The company finances, installs and operates distributed power plants using proven photovoltaic technologies, delivering fully managed solar energy services for its commercial, government and utility customers. For more information about SunEdison, please visit www.sunedison.ca.
MEMC is a global leader in the manufacture and sale of wafers and related intermediate products to the semiconductor and solar industries. MEMC has been a pioneer in the design and development of silicon wafer technologies for 50 years. With R&D and manufacturing facilities in the U.S., Europe, and Asia, MEMC enables the next generation of high-performance semiconductor devices and solar cells. Through its SunEdison division, MEMC is also a developer of solar power projects and North America's largest solar energy services provider. MEMC's common stock is listed on the New York Stock Exchange under the symbol "WFR" and is included in the S&P 500 Index. For more information about MEMC, please visit www.memc.com.
Angie Forster, Marketing Manager, Canada
Bill Michalek, Director, IR & Corporate Communications
MEMC Electronic Materials, Inc.