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SunEdison Activates a Record 86 PV Energy Systems in 2008 |
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Wells Fargo Provided Majority of Financing
BELTSVILLE, MD (April 13, 2009) - SunEdison, North America's largest solar energy services provider, today announced that it activated a record 86 photovoltaic (PV) solar energy systems in the U.S. during 2008 with a total capacity of 25.5MW (DC). In the fourth quarter of 2008 alone, the company activated 37 PV systems in the United States for a combined capacity of 9.7 MW (DC).
Key to these activations was financing from Wells Fargo & Company (NYSE: WFC), which announced in March that it had provided $250 million in equity capital to solar energy projects since fall of 2007. More than half of this amount was for PV solar energy systems developed by SunEdison.
A recent example is a Wells Fargo investment in a project jointly developed by SunEdison and Q-Cells and hosted by Staples at its distribution center in Rialto, California. The 441kW system is operated by SunEdison and includes 1,960 Solar Semiconductor modules using Q-Cells solar cell technology.
"Wells Fargo recognizes long-term value in supporting renewable energy. Our advanced control and monitoring technologies provide both our partners and customers transparency into the economic and energy savings that SunEdison solar provides," said Carlos Domenech, COO, SunEdison.
"Despite the economic downturn, Wells Fargo continues to invest in solar projects across the country because these investments help customers secure reliable, cost-effective power and help businesses access cleaner energy sources," said Barry Neal, director of Wells Fargo's Environmental Finance. "We look forward to helping the industry expand even further."
In 2008, the SunEdison distributed solar portfolio performed at over 100% of expected generation capacity. SunEdison finances, builds, and operates PV solar energy systems for leading utilities, commercial/REIT and governmental organizations.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified financial services company with $1.3 trillion in assets, providing banking, insurance, investments, mortgage and consumer finance through more than 11,000 stores, over 12,000 ATMs and the internet (wellsfargo.com) across North America and internationally.
About SunEdison
Sun Edison LLC is North America's largest solar energy services provider and operates across a global marketplace. SunEdison provides solar-generated energy at or below current retail utility rates to a broad and diverse client base of commercial, municipal and utility customers. For more information about SunEdison, please visit www.sunedison.com
Rob Wyse
212.920.1470
rob@m1pr.com
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