SunEdison Awarded Solar Rooftop Projects for GE Capital Real Estate
Wednesday, September 15th 2010 10:17:54am
Ontario Feed-in Tariff projects to begin construction fall 2010
TORONTO, ONTARIO (September 15, 2010) - SunEdison, a leading worldwide solar energy services provider and subsidiary of MEMC Electronic Materials (NYSE: WFR), announced today it has executed an agreement to develop 15 industrial rooftop solar photovoltaic (PV) projects for GE Capital Real Estate, a global real estate investment company.
Under the terms of the agreement, SunEdison will finance, build, own, operate, monitor and maintain photovoltaic solar energy systems with capacity totaling 2.2 megawatts (MW). GE Capital Real Estate will receive lease revenue for rooftop space allocated to the projects, without any upfront capital equipment costs. The projects will be hosted at GE Capital Real Estate facilities, and the Ontario Power Authority (OPA) will purchase the energy produced under the terms of Ontario's Feed-in Tariff Program (FIT)*.
Construction on three of the 15 rooftop PV systems is expected to begin this fall. The majority of projects will be located in the Greater Toronto Area (GTA) including Vaughan, Brampton, Burlington, Markham and Mississauga, with additional systems located in London. Over 20 years, the systems are expected to generate more than 47 million kWh of clean energy-with the potential to offset an estimated 9.8 million kilograms of CO2 into the atmosphere, which is the equivalent of removing 5515 of cars from the road for one year.
"GE Capital Real Estate is focused on being at the forefront of environmental leadership in commercial real estate," said Kathy Lee, Managing Director at GE Capital Real Estate Canada. "Our partnership with SunEdison and the installation of rooftop solar arrays is an important step in meeting our sustainability goals."
"As the largest North American solar energy provider, SunEdison has a solid background in bringing solar projects to fruition," said Jason Gray, Canada Country Manager for SunEdison. "Working with GE Capital Real Estate and the Ontario government, our goal is to help build a greener tomorrow for Canada."
*About the Feed-in Tariff Program (FIT)
Ontario's Feed-In Tariff (FIT) program for renewable energy generation is a cornerstone of the province's Green Energy Act. Under the program, participants are paid a fixed-price for the electricity they generate over a 20 year contract period. For more information, visit http://fit.powerauthority.on.ca.
About GE Capital Real Estate
GE Capital Real Estate (www.gecapitalrealestate.com) is one of the world's premier commercial real estate companies - with US$76 billion in assets and a presence in 31 markets throughout North America, Europe, Asia and Australia/New Zealand. GE Capital Real Estate has a depth of knowledge, experience and a history of building relationships, finding opportunities and opening doors for thousands of owners, builders, borrowers, investors and brokers worldwide.
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, predictably priced solar energy services for its commercial, government and utility customers. For more information about SunEdison, please visit www.sunedison.com
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 wafer technologies over the past 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. With the acquisition of SunEdison, MEMC is now 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.
Certain matters discussed in this press release are forward-looking statements, including that construction on three of the 15 rooftop PV systems is expected to begin this fall; and that over 20 years, the systems are expected to generate more than 47 million kWh of clean energy. 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 delays or interruptions in construction of the solar photovoltaic systems; the ability of the parties to secure sites for the projects; the timely availability of required permits and authorizations for projects from governmental entities and third parties; changes in applicable regulatory requirements and incentives for production of solar power; and other risks described in MEMC's filings with the Securities and Exchange Commission, including its Form 10-K for the 2009 fiscal year and its quarterly reports on Form 10-Q for the first and second quarters of 2010. These forward-looking statements represent MEMC's and SunEdison's judgment as of the date of this release. MEMC and SunEdison disclaim, however, any intent or obligation to update these forward-looking statements.