BELMONT, Calif., July
1, 2015 /PRNewswire/ -- SunEdison, Inc. (NYSE: SUNE), the
world's largest renewable energy company, today announced that is
has secured financing for and started construction on the Bingham
Wind project in Maine. The
185-megawatt (MW) wind project is expected to be the largest of its
kind in the New England area of the U.S.
"The Bingham wind farm is our
largest wind project in Maine, and
once completed should bring our total wind-generation capacity in
the state to 552 megawatts," said Paul
Gaynor, SunEdison executive vice president of the Americas
and EMEA. "SunEdison has made a major commitment in Maine's renewable energy future, and that
commitment creates new local jobs and incremental tax revenues for
the state, as well as long term stable and competitive electricity
prices for rate payers. Bingham is
a fantastic example of how good policies can create great economic
and environmental results."
The financing facility for the combined wind farm and generator
lead is for $360 million, and the
total construction cost is $420
million. KeyBanc Capital Markets Inc. served as the joint
lead arranger and KeyBank National Association (NYSE: KEY) acted as
administrative agent on the construction loan.
"We are very pleased to have played a leading role in
SunEdison's financing of the Bingham project," said Andrew Redinger, managing director and head of
KeyBanc Capital Markets' Utilities, Power & Renewable Energy
Group. "The Bingham project
promises to be an excellent source of renewable power for New
England, and we're glad it has started construction."
The electricity generated by this wind project will be sold to
three local utilities in New England; Eversource, National Grid,
and Unitil. The wind energy will be purchased through separate
15-year power purchase agreements that were awarded in a
competitive bidding process.
The wind power plant is expected to produce enough energy to
power more than 65,000 homes. SunEdison partnered with engineering,
procurement, and construction company Reed & Reed on the
construction of the project.
"Reed & Reed takes pride in our track record of delivering
high value renewable energy projects at competitive prices. The
Bingham project brings reliable,
renewable energy at low costs to the consumer and creates more than
400 local construction jobs for the people of Maine," said Jackson
Parker, president of Reed & Reed.
The wind farm is on the Call Right Project List for TerraForm
Power (Nasdaq: TERP), a global owner and operator of clean energy
power plants. TerraForm Power intends to acquire this asset once
operational in late 2016. Operation and maintenance of the wind
power plants will be performed by SunEdison Services, which
provides global 24/7 asset management, monitoring and reporting
services.
About SunEdison
SunEdison is the world's largest
renewable energy development company and is transforming the way
energy is generated, distributed, and owned around the globe. 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
Certain matters discussed in this press release are
forward-looking statements, including: the 185-megawatt (MW) wind
project is expected to be the largest of its kind in the New
England area of the U.S.; once completed should bring SunEdison's
total wind-generation capacity in the state to 552 megawatts; the
commitment creates new local jobs and incremental tax revenues for
the state, as well as long term stable and competitive electricity
prices for rate payers; and the wind power plant is expected to
produce enough energy to power more than 65,000 homes. 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.
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SOURCE SunEdison, Inc.