/C O R R E C T I O N — SunEdison/By Sunedison, PRNE
Monday, November 22, 2010
BELTSVILLE, Maryland, November 23, 2010 - In the news release, SunEdison Interconnects Europe's Largest Single
Operating PV Solar Power Plant, issued 23-Nov-2010 by SunEdison over PR
Newswire, we are advised by the company that the second paragraph, second
sentence, should read "euro 276M" rather than "euro 260M" as originally
issued inadvertently. We are also advised that the following, updated release
contains information that was not included in the original version. The
complete, corrected release follows:
SunEdison Interconnects Europe's Largest Single Operating PV Solar Power Plant
- Construction and Interconnection Completed in Nine Month Period
SunEdison, a leading worldwide solar energy services provider and a
subsidiary of MEMC Electronic Materials (NYSE: WFR), has successfully
interconnected a 70 megawatt (MW) photovoltaic (PV) power plant in Northeast
Italy, near the town of Rovigo. The deployment, which is now the largest
single-operating PV solar power plant in Europe, was completed and
interconnected in a nine-month time period.
(Photo: photos.prnewswire.com/prnh/20101123/NY06576 )
The Rovigo solar power plant was acquired by First Reserve
through a previously announced joint venture between First Reserve
Corporation and SunEdison. Investment programs managed or advised by Partners
Group AG and Perennius Capital Partners SGR have invested in the project with
the First Reserve joint venture. First Reserve recently announced the
execution of a euro 276M project finance facility for the project with some
of the leading European banks, including Banco Santander, Unicredit Corporate
Banking, Dexia Crediop, Natixis, Societe Generale and Credit Agricole.
SunEdison, a minority investor in the joint venture with First Reserve, will
manage the ongoing operations and maintenance of the Rovigo plant.
"With construction completion in less than one year, we
believe this deployment signifies a new milestone for the industry and will
become the standard for future mega projects," said Carlos Domenech,
President of SunEdison. "SunEdison has once again demonstrated its
capabilities and expertise in developing large-scale solar projects while
helping government agencies promote renewable energy initiatives."
"SunEdison has proved it is highly efficient and reliable as a
leader in executing large scale solar projects like Rovigo," commented Mark
Florian, Managing Director of First Reserve Energy Infrastructure. "We are
proud to add this flagship project to our energy infrastructure portfolio and
look forward to developing new opportunities for our joint venture with
SunEdison in the future. The combination of a strong regulatory environment,
a stable tariff regime and reliable solar exposure are attractive
characteristics for the Italian solar market."
"The deployment of the Rovigo project within this timeframe
was made possible thanks to the commitment of our project partners and local
and regional authorities," said Pancho Perez, General Manager of SunEdison
EMEA. "This project is a fine example of SunEdison's commitment to the
continued development of the solar PV sector in Italy and the EMEA."
In a letter to Carlos Domenech, the Italian Minister for
Economic Development, Paolo Romani, congratulated SunEdison's achievement.
The Minister referred to the challenges of energy supply in Italy and the
project's importance to economic growth and success.
The Rovigo solar plant will create significant environmental
benefits over its expected lifetime. In its first year of operation alone,
the system is expected to generate enough energy to power more than 16,500
homes and prevent the emission of more than 40,000 tons of CO2, equivalent to
the removal of 8,000 cars from the road.
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 2009, SunEdison delivered more kilowatt hours (kWh) of energy
than any other solar services provider in North America. For more information
about SunEdison, please visit www.sunedison.com.
MEMC is a global leader in the manufacture and sale of wafers
and related intermediate products to the semiconductor and solar industries.
The company 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 First Reserve
First Reserve is the world's leading private equity firm in
the energy industry, making both private equity and infrastructure
investments throughout the energy value chain. For more than 25 years, it has
invested solely in the global energy industry, and has developed an
unparalleled franchise, utilizing its broad base of specialized energy
industry knowledge as a competitive advantage. First Reserve invests
strategically across a wide range of energy industry sectors, developing a
portfolio that is diversified across the energy value chain, backing talented
management teams and building value by building companies. Further
information is available at www.firstreserve.com.
About the First Reserve Joint Venture
In May 2010, First Reserve and SunEdison announced the
creation of a joint venture for the acquisition of SunEdison's photovoltaic
projects. This partnership is one of the largest investment vehicles to
exclusively fund photovoltaic solar power created to date, with the prospect
of long-term ownership of the assets across several key geographies.
About Partners Group AG
Partners Group is a global private markets investment
management firm with over EUR 20 billion in investment programs under
management in private equity, private debt, private real estate and private
infrastructure. The firm manages a broad range of funds and customized
portfolios for an international clientele of institutional investors.
Partners Group is headquartered in Zug, Switzerland and has offices in San
Francisco, New York, London, Guernsey, Luxembourg, Dubai, Singapore, Beijing,
Tokyo and Sydney. The firm employs over 400 people, is listed on the SIX
Swiss Exchange (symbol: PGHN) with a market capitalization of above CHF 4.5
billion with a clear majority owned by its 36 Partners and all employees.
About Perennius Capital Partners SGR
Perennius Capital Partners SGR was founded in 2007 and is
based in Milan, Italy. It is a principal investment firm specialized in
private markets, which structures, promotes and manages investment programmes
focused on global Private Equity. Perennius funds are subject to Italian
jurisdiction, and are under the regulatory supervision of Bank of Italy and
Consob. It is the first exclusive partnership between one of the global
players in the industry (Partners Group, also a shareholder of Perennius) and
an Italian company. It is the first Italian fund manager with a global
approach, offering highly segmented products on multiple dimensions.
Certain matters discussed in this press release are forward-looking
statements, including our belief that this deployment signifies a new
milestone for the industry and will become the standard for future mega
projects to come; and that in its first year of operation alone, the system
is expected to generate enough energy to power more than 16,500 homes and
prevent the emission of more than 40,000 tons of CO2, equivalent to the
removal of 8,000 cars from the road. 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 unforeseen difficulties with respect to the closing of the
long-term debt financing by First Reserve; the timely availability of
required permits and authorizations for projects from governmental entities
and third parties; 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 2009 fiscal year and its quarterly reports on Form 10-Q for
the first, second and third quarters of 2010. 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.
Media: Bill Michalek, Director, Corporate Communications, MEMC Electronic Materials, Inc., +1-636-474-5443 or Virginia Amador, Head of Marketing EMEA, SunEdison, vamador at sunedison.com; Investors/Analysts: Kurt Bruenning, Treasurer, MEMC Electronic Materials, Inc., +1-636-474-5925; First Reserve: Michael Henman of Cubitt Consulting, +44-0-20-7367-5100, michael.henman at cubitt.com or Caroline Harris of CJP Communications, +1-212-279-3115; ext. 222, charris at cjpcom.com
Tags: Beltsville, maryland, November 23, SunEdison, United Kingdom