8minutenergy Renewables and Silver Ridge Power to Build Two Solar Projects Totaling 406 MW to Provide Power to Southern California Edison
California – August 4, 2014 –Silver Ridge Power, LLC and 8minutenergy Renewables, LLC today announced the signing of two 20-year power purchase agreements to sell 406 megawatts-ac of clean, renewable solar energy from Mount Signal Solar Farm II (154 MW-ac; 200MW-dc) and Mount Signal Solar Farm V (252 MW-ac, 328MW-dc) utility-scale solar projects in Imperial County, California, to Southern California Edison (SCE). Both projects are wholly-owned subsidiaries of California-based 8minutenergy Renewables.
8minutenergy’s joint development partner, Silver Ridge Power has the exclusive rights to acquire the two projects. Silver Ridge Power is owned 50 percent by SunEdison, Inc. and 50 percent by Riverstone Holdings, LLC. 8minutenergy and Silver Ridge Power successfully co-developed the 200 MW-ac Mount Signal Solar I project in Imperial County (also known as Imperial Valley Solar 1), which commenced full operations earlier this year.
“Silver Ridge Power is very pleased to have achieved this significant milestone in partnership with 8minutenergy advancing the development of the joint portfolio of solar projects in Imperial County, California,” said Stephen Westwell, President of Silver Ridge Power.
“We are very proud that we have now signed 950 MWs of PPAs, which underline our position as the nation’s leading independent PV developer as well as the fact that the Mount Signal Solar Farm II and Mount Signal Solar Farm V projects will create more than 1,500 jobs for the people of Imperial County during construction,” said Martin Hermann, chief executive officer of 8minutenergy Renewables.
Tom Buttgenbach, president of 8minutenergy Renewables added: “We look forward to completing these solar plants and to delivering clean, renewable power to Southern California Edison. We are very pleased that our solar projects have the support from leading environmental groups, including the Sierra Club, Defenders of Wildlife, the Audubon Society and the Natural Resources Defense Council, and look forward to the next stage in their development.”
The two utility-scale solar generation facilities are sited on approximately 3,200 acres of low-productivity farmland. These clean solar generation plants will displace the equivalent of approximately 700,000 metric tons of carbon dioxide (CO2) per year, which is equal to the amount that roughly 30 million trees would displace annually and will provide power for over 140,000 households in California.
About 8minutenergy Renewables, LLC
8minutenergy Renewables develops, finances, engineers, constructs, holds, operates and maintains solar projects. To date, 8minutenergy Renewables has been awarded 950 MW in PPAs; secured more than 1,200 MW in General Interconnection Agreements (GIA); obtained Conditional Use Permits (CUP) for 8,500 acres; and has 15,000 acres of land under contract.
About Silver Ridge Power, LLC
Silver Ridge Power is a joint venture between SunEdison, Inc. and Riverstone Holdings, LLC for the purpose of developing utility-scale solar power plants. Silver Ridge currently has 522 MW in operations globally.
About Sun Edison, Inc.
SunEdison is a global leader in transforming how energy is generated, distributed and owned. 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 customers. SunEdison also provides 24/7 asset management, monitoring and reporting services for hundreds of solar systems worldwide via the company’s Renewable Operation Center (ROC). SunEdison has offices in North America, Europe, Latin America, Africa, India and Asia. SunEdison’s common stock is listed on the New York Stock Exchange under the symbol “SUNE.” To learn more visit www.sunedison.com
About Riverstone Holdings LLC
Riverstone is an energy and power-focused private investment firm founded in 2000 by David M. Leuschen and Pierre F. Lapeyre, Jr. with approximately $27 billion of equity capital raised. Riverstone conducts buyout and growth capital investments in the exploration & production, midstream, oilfield services, power and renewable sectors of the energy industry. With offices in New York, London, Houston and Mexico City, the firm has committed approximately $26.1 billion to 108 investments in North America, Latin America, Europe, Africa, and Asia.
For more information about 8minutenergy, please call (916) 608-9060, send email to email@example.com or visit www.8minutenergy.com.
For more information about Silver Ridge Power, please call (571) 302-3500, send email to firstname.lastname@example.org or visit www.SRPCorp.com
Forward Looking Statements
Certain matters discussed in this press release are forward-looking statements, including creation of more than 1,500 jobs during construction ; power for over 140,000 households in California will be generated; and these clean solar generation plants will displace the equivalent of approximately 700,000 metric tons of carbon dioxide (CO2) per year, which is equal to the amount that roughly 30 million trees would displace annually 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.
P: (916) 608-9060
Silver Ridge Power
P: (571) 302-3495