MEMC Electronic Materials (ticker: WFR, exchange: New York Stock Exchange (.N))
News Release -
SunEdison Awarded Additional 31 MW (AC) of Solar Projects by the Ontario Power Authority
TORONTO, Feb. 25, 2011 /PRNewswire via COMTEX/ --
SunEdison, a leading worldwide solar energy services provider and a subsidiary of MEMC Electronic Materials, Inc. (NYSE: WFR), has been awarded 31 Megawatts (MW) AC of solar photovoltaic (PV) projects by TheOntario Power Authority (OPA) as part of the province's landmark Feed-in Tariff (FIT*) program. This recent announcement adds to the 28 MW of ground-mount and rooftop solar projects already deployed by SunEdison in Ontario.
With more than 390 solar deployments worldwide, SunEdison will leverage our global experience to finance, build, operate, monitor and maintain the additional five photovoltaic solar energy systems in Ontario.Located in communities across the province including Mississauga, Whitby, Drummond, Rideau Lakes and Ingleside, the projects will generate over 47 million kilowatt hours (kWh) of clean energy in the first year of operation and produce over 873 million kWh over 20 years. That is enough energy to power more than 76,000 average Canadian homes for one year.
"As a leading worldwide provider of solar energy services, SunEdison has the experience and capabilities required to play a pivotal role in building Canada's renewable energy industry," said Jason Gray, Canada Country Manager for SunEdison. "We believe that solar energy is a key component of the province's energy mix and that by working closely with government and business partners, we can create jobs, generate green power and ensure a sustainable renewable energy sector for Ontario."
SunEdison was awarded two (2) 10 MW projects in Rideau Lakes, one (1) 10MW project in South Stormont, one (1) 500kW project in Mississauga, and one (1) 500kW project in Whitby.
SunEdison is a global provider of solar-energy services. The company develops, 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. In 2010 SunEdison deployed more than 160 Megawatts of solar throughout the world. For more information about SunEdison, please visit www.sunedison.ca.
MEMC is a world leader in semiconductor and solar technology. 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 subsidiary, MEMC is also a developer of solar power projects and a worldwide leader in solar energy services. 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 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.
Certain matters discussed in this press release are forward-looking statements, including that once constructed and completed, the projects will generate over 47 million kilowatt hours (kWh) of clean energy in the first year of operation and produce over 873 million kWh over 20 years. 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 or deployment; the timely availability of required permits and authorizations for projects from governmental entities and third parties, including changes to or revocation of awarded projects; changes in applicable regulatory requirements and incentives for production of solar power; general business and economic conditions, including seasonality of the industry; and other risks described in MEMC's filings with the Securities and Exchange Commission, including its Form 10-K for the 2010 fiscal year. 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.