BELMONT, Calif., Sept. 8, 2015 /PRNewswire/ -- SunEdison, Inc.
(NYSE: SUNE), the largest global renewable energy development
company, and Dominion (NYSE: D), one of the nation's largest
producers and transporters of energy, today announced a joint
venture (JV) for the Three Cedars solar project, a 265 megawatt
(MW) DC, or 210 MW AC, solar project in Utah, developed by SunEdison. The announcement
marks the expansion of a joint venture recently announced regarding
Dominion's investment in the 420 MW DC Four Brothers solar project
in Utah.
Similar to Four Brothers, the Three Cedars project is contracted
under long-term power purchase agreements for 20 years with
PacifiCorp (A-/A3), a subsidiary of Berkshire Hathaway Energy. The
project is now under construction and fully financed with an
expected commercial operation date of mid-2016.
Under the terms of the expanded JV, Dominion will invest
approximately $320 million to acquire
50 percent of the cash equity and 99 percent of the tax equity in
Three Cedars, including funding of construction. SunEdison expects
to fully finance the $80 million
balance of the capital for Three Cedars through a loan from
Deutsche Bank through construction and long-term ownership.
Dominion's aggregate investment in the joint venture is
approximately $830 million to acquire
50 percent of the cash equity and 99 percent of the tax equity in
Four Brothers and Three Cedars, including funding of
construction.
SunEdison's 50 percent interest in both the Four Brothers and
Three Cedars projects are on the Call Right Projects List for
TerraForm Power, Inc. (Nasdaq: TERP), a global owner and
operator of clean energy power plants.
"We are excited to expand our partnership with Dominion to a
total of 685 megawatts of solar in Utah," said Paul
Gaynor, executive vice president of SunEdison EMEA &
Americas. "Our joint ventures with Dominion demonstrate the market
appetite for SunEdison's high-quality, long-term contracted assets.
SunEdison power plants put hundreds of people to work, create real
and lasting benefits for local residents, and deliver clean energy
to Utah homes at a competitive
price."
The Three Cedars project is expected to produce enough
electricity to power more than 36,000 homes. As an added benefit,
the construction of the solar power project is expected to create
an estimated 250 construction jobs within the rural communities of
Iron County and produce
$17 million in direct property and
income taxes over 20 years.
Separately, SunEdison and J.P. Morgan Asset Management's
Infrastructure Investments Group, today announced a strategic
partnership to fund renewable energy projects in both operating and
construction stages, an initial investment of which will be a 33
percent interest in a 425 MW AC portfolio of diverse, domestic
solar assets owned by Dominion.
About SunEdison
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.
About Dominion
Dominion is one of the nation's largest
producers and transporters of energy, with a portfolio of
approximately 24,600 megawatts of generation, 12,200 miles of
natural gas transmission, gathering and storage pipeline, and 6,455
miles of electric transmission lines. Dominion operates one of the
nation's largest natural gas storage systems with 928 billion cubic
feet of storage capacity and serves utility and retail energy
customers in 13 states.
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 variation 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.