SunEdison (NYSE: SUNE) on April 2 announced the completion of two different solar projects in Maryland.
It announced the completion of a 2.5-MW solar energy system in Maryland that will supply electricity to the Cecil County School of Technology via a 20-year power purchase agreement. This project was on the TerraForm Power (Nasdaq: TERP) call right list and has been acquired by TerraForm Power.
The Cecil County School of Technology’s solar system is designed to produce more energy than the on-site facility needed. Under aggregated net metering, other buildings owned by the Cecil County Board of Education can share the output of these solar systems, even if they are not physically connected to them or are on a different meter.
“The Cecil County Board of Education is making a smart financial move by leveraging Maryland’s aggregated net metering program to maximize electricity savings across all of their buildings,” said Michael Volpe, Sales Director at SunEdison.
“Our school system is achieving electricity savings through the use of aggregated net metering,” said Perry Willis, Executive Director of Support Services, Cecil County Public Schools. “SunEdison’s expertise has helped us achieve our goals and we look forward to enjoying energy savings for many years to come. The extra savings means more resources for our teachers and students, which we’re thrilled about.”
“Standard Solar is excited to be working with Cecil County Public Schools and SunEdison to make this project a reality,” said Scott Wiater, President of Standard Solar. “We’re always honored to work on projects like this which benefit students and teachers.”
This project was made possible through Maryland’s Aggregated Net Metering Program, which is available for municipal institutions, agriculture and non-profits. Through its Renewable Portfolio Standard, the State of Maryland hopes to generate 20% of its electricity from renewable sources by 2020.
SunEdison also announced the completion of a 2.1-MW solar system that will supply electricity to Pocomoke City’s wastewater treatment plant via a 20-year power purchase agreement. Again this project has been sold to TerraForm Power. The Pocomoke City system is designed to produce more energy than the on-site facility needed. Under aggregated net metering, other buildings owned by Pocomoke City can share the output of these solar systems, even if they are not physically connected to them or are on a different meter. This project was also made possible through Maryland’s Aggregated Net Metering Program.
“Aggregated net metering is an innovative way for nonprofits, farms, and municipalities to maximize electricity savings and meet their carbon reduction goals with minimal capital up-front,” said Michael Volpe, Sales Director at SunEdison. “We’re proud to be working with Standard Solar, our development and EPC partner, on these opportunities.”
Said Tony Clifford, Chief Executive Officer of Standard Solar: “With no financial outlay required by Pocomoke City, sizeable savings in electricity costs, and positive contributions to its citizens’ environmental future, more and more municipalities are seeing the short- and long-term advantages of going solar.”
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 consumers. SunEdison has offices in North America, Europe, Latin America, Africa, India and Asia.
TerraForm Power is a renewable energy leader that is changing how energy is generated, distributed and owned. TerraForm Power creates value for its investors by owning and operating renewable energy power plants.
Standard Solar is a leader in the full-service development, construction, integration, financing and installation of solar electric systems. Since 2004, Standard Solar has been developing solar projects to creatively solve the energy needs of commercial, industrial, educational, government, utility and other clients. Standard Solar operates nationally and is headquartered in Rockville, Maryland.