MEMC Electronic Materials (ticker: WFR, exchange: New York Stock Exchange (.N))
News Release -
SunEdison to Develop Solar PV Program for LaSalle in OntarioConstruction to begin on roof-top systems late summer 2010
TORONTO, June 22, 2010 /PRNewswire via COMTEX/ --SunEdison, a division of MEMC Electronic Materials, Inc. (NYSE: WFR), announced today that it will develop and build industrial and retail roof-top solar photovoltaic (PV) projects for LaSalle Investment Management, a leading global real estate investment manager based in Ontario.
Under the agreement, SunEdison will finance, build, own, operate, monitor and maintain photovoltaic solar energy systems with capacity totaling 2.1 Megawatts. They will be hosted at LaSalle Investment Management facilities, and the Ontario Power Authority (OPA) will purchase the energy produced under the terms of Ontario's Feed-in Tariff Program (FIT)*. LaSalle Investment Management will receive lease revenue for roof-top space allocated to the projects, without any upfront capital equipment costs.
The eight roof-top PV systems will be launched starting in the late summer of 2010, with the majority of installations completed by the end of 2010. Over 20 years, the systems will generate sufficient energy to avoid emitting an estimated 9.9 million kilograms of CO2 in the atmosphere. The majority of projects will be located in the Greater Toronto Area (GTA) including Burlington, Toronto and Woodbridge, with additional systems located in both Lindsay and Kanata.
LaSalle Investment Management said it is committed to sustainability and recognizes that buildings can have a significant impact on the environment. "The solar PV projects in Ontario represent an important step in meeting our goals," said Sam Barbieri, Vice President, Asset Management at LaSalle. "We are dedicated to helping establish responsible energy policy around the world, and doing all we can in our own operations to use resources wisely. We envision that this model for solar deployment can be successfully replicated in many other markets as well."
Added Barbieri, "The significance of the Ontario roof-top solar projects goes beyond the environmental benefit they'll bring. SunEdison has crafted a custom-solution that both optimizes solar energy output and maximizes lease revenue. After a careful due diligence process, SunEdison was the clear choice to manage our initiative given their track record of successful installations, and attention to detail before, during and after deployment. We have complete confidence that SunEdison will be careful stewards of our real estate assets."
Jason Gray, Canada Country Manager for SunEdison, said, "As a leader in installing and managing solar energy systems, we recognize that a sharp focus on best practices in the design, execution and continuous improvement of energy solutions is essential to maximizing revenue for our customers. With our proven ability to implement multiple-site systems, we look forward to completing this project on time and to delivering immediate value to our customer."
*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.
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.
About LaSalle Investment Management
LaSalle Investment Management, Inc., a member of the Jones Lang LaSalle group (NYSE: JLL), is a leading global real estate investment manager, with approximately $40 billion of assets under management of private and public property equity investments. LaSalle is active across a range of real estate capital and operating markets including private and public, debt and equity and our clients include public and private pension funds, insurance companies, governments, endowments and private individuals from across the globe. For more information, visit www.lasalle.com.
Hill & Knowlton
Global Corporate Communications Manager
LaSalle Investment Management
200 E. Randolph Drive Chicago IL 60601
Office: +1 312 228 2121
Mobile: +1 312 608 6520