BELMONT, Calif. and
SAO PAULO, Nov. 24, 2014 /PRNewswire/ -- SunEdison,
Inc. (NYSE: SUNE), a leading global solar technology manufacturer
and provider of solar energy services, and Renova Energia S.A. (BZ:
RNEW11), the largest renewable energy company in Brazil, today announced that they have created
an exclusive joint venture to develop, own, and operate 1 gigawatt
of utility scale solar photovoltaic (PV) energy which will supply
the Brazilian Regulated Electricity Market. Renova and SunEdison
will each own a 50% stake in the joint venture. The venture plans
to build and operate four utility scale solar power plants in
Bahia State, Brazil, by 2017.
The joint venture will install 106.9 megawatts of solar by 2017
as part of contracts awarded by the Brazilian Energy
Commercialization Authority, Camara Comercializadora de Energia
Electrica (CCEE). The contracts were awarded in the 2014 Reserve
Supply Auction (2014 LER), the first renewable energy auction in
Brazil to specify a need for solar
power plant capacity.
SunEdison will supply solar modules and trackers for the
projects, to be assembled in Brazil, and solar plant construction will be
financed by the Brazilian Development Bank (BNDES). This supply
agreement guarantees access to SunEdison's world class technology
at competitive pricing while mitigating supply and exchange
rate risks.
SunEdison and Renova fully support the development of solar
energy in Brazil, a country that
has fully embraced renewable energy sources. Brazil recently adopted a full regulatory
framework for solar energy, and is making great strides towards
incorporating solar energy as a definitive part of the country's
energy supply.
"Renova's joint venture with SunEdison positions us as the best
entity to serve the needs of the Brazilian renewable energy
market," said Mathias Becker,
President of Renova. "This opportunity to enter the solar energy
market has been two years in the making, and we're excited to see
the tremendous support from the Brazilian local and state
authorities in developing this and other opportunities for utility
scale solar."
"We are proud to partner with Renova, the most innovative and
respected renewable energy company in Brazil," said Jose
Perez, SunEdison president for EMEA and Latin America. "Aligning the best partners,
financiers, and products in a joint venture like this ensures cost
competitive, clean energy for the local utility. This agreement
reinforces our leading position in Latin
America."
About Renova
Renova is the largest renewable-source
power generation company in Brazil
by installed capacity. It focuses on wind energy generation, solar
power, and small hydroelectric plants. It is dedicated to
development, construction and operation of renewable-source
electric power generation. For more information, please visit
www.renovaenergia.com.br
About SunEdison
SunEdison is a global leader in
transforming how energy is generated, distributed and owned.
SunEdison manufactures solar technology and develops, finances,
installs and operates distributed solar power plants, delivering
predictably priced electricity and services to its residential,
commercial, government and utility customers. SunEdison also
provides 24/7 asset management, monitoring and reporting services
for hundreds of solar systems worldwide via the company's Renewable
Operation Center (ROC). SunEdison has offices in North America, Europe, Latin
America, Africa and
Asia. SunEdison's common stock is
listed on the New York Stock Exchange under the symbol "SUNE." For
more information, please visit www.sunedison.com
Forward Looking Statements
Certain matters discussed
in this press release are forward-looking statements, including
that the joint venture will install 106.9 megawatts of solar by
2017, that the joint venture will develop, own and operate 1
gigawatt of solar power, and that SunEdison will supply solar
modules and trackers for the projects, to be assembled in
Brazil. 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 changes in applicable regulatory requirements
and incentives for production of solar power; and general business
and economic conditions, including seasonality of the industry, and
other risks described in SunEdison's filings with the United States
Securities and Exchange Commission. These forward-looking
statements represent SunEdison's judgment as of the date of this
press release. SunEdison disclaims, however, any intent or
obligation to update these forward-looking statements.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/sunedison-and-renova-energia-create-a-joint-venture-to-develop-1-gigawatt-of-utility-scale-solar-in-brazil-300000038.html
SOURCE SunEdison, Inc.