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SunEdison to Build Europe's Largest Solar Power Plant in Rovigo, Italy
System to Be Operational in 2010
Category: Investment, Solar, Renewable Energy
ROVIGO, Italy - March 12, 2010 (Investorideas.com renewable energy/green newswire) - SunEdison, a division of MEMC Electronic Materials, Inc. (WFR), received final approval from the Italian government to develop and construct a 72 Megawatt (MW) photovoltaic solar power plant in Northeastern Italy, near the town of Rovigo. When completed, this is expected to be the largest photovoltaic (PV) solar power plant in Europe.
Power generation will begin in the second half of 2010 with final completion expected by year end. In the first full year of operation, the system will generate sufficient energy to power 17,150 homes and avoid 41,000 tons of CO2 -- the equivalent of removing 8,000 cars from the road.
SunEdison will jointly develop the project with financing partner Banco Santander. Additional financial partners are expected to join the project for final ownership.
"SunEdison is focused on enabling the growth of global solar markets through strong capabilities in project finance, engineering, low-cost procurement and operations and maintenance services," commented Carlos Domenech, President of SunEdison.
"Veneto is taking decisive action to advance the use of clean, renewable energy sources," said Renzo Marangon, government official of the Veneto region. "At the same time, this project is expected to create over 350 local construction jobs and build expertise in advanced energy technologies. We expect Rovigo to serve as a European model for large-scale, alternative-energy projects."
"A critical element of our approach is working closely with the right partners," added Pancho Perez, General Manager for Europe and MENA region at SunEdison, "including developers, suppliers and contractors. For the Rovigo project, we selected Isolux Corsan, a large-scale infrastructure construction company with a strong track record in utility-scale solar plants."
"We are pleased to be selected by SunEdison to construct the largest PV solar plant in Europe. We are looking forward to extending this partnership beyond Italy," said Luis Delso, President of Isolux Corsan.
At 72 megawatts, this solar-power plant will be the largest in Europe. Currently, the largest facility is a 60MW solar farm in Olmedilla, Spain, followed by a 50 MW in Strasskirchen, Germany, built by MEMC through a joint venture agreement.
About SunEdison
SunEdison is a global provider of solar-energy services. The company 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
About MEMC
MEMC is a global leader in the manufacture and sale of wafers and related intermediate products to the semiconductor and solar industries. 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 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 Isolux Corsan
Isolux Corsan is the largest unlisted Spanish construction company and the seventh largest in the entire construction industry in Spain (listed and unlisted). Increasingly focused on international markets, it currently operates in 34 countries. Its main growth drivers are energy transport, toll road and car-park concessions world-wide, and the construction of environmentally friendly infrastructures. At present, the Isolux Corsan group leads the market in high-voltage energy transport concessions, with 9,285 km of power cables. It has more than 1,400 km of toll roads in Brazil, India, Mexico and Spain and over 20,000 parking spaces under concession. In the photovoltaic sector, Isolux Corsan is one of the biggest installers world-wide, with more than 178 MW executed or in progress in Spain and Italy, and an additional 72 MW about to be built in Rovigo (Italy). It also has experience in building and maintaining renewable-energy infrastructures (wind-farms, PV power plants and PV module and biodiesel factories). All this and its investments in companies within the renewables industry enable it to successfully pursue a strategy of diversification in international markets and in products and services. In 2008, the company reported over EUR3.2 bn in revenues, with an EBITDA of EUR205 mill and a portfolio of EUR15.5 bn for the next years. For further information, visit www.isoluxcorsan.com
About Banco Santander
Banco Santander (SAN.MC, STD.N, BNC.LN) is a retail and commercial bank, based in Spain, with presence in 10 main markets. At the end of 2009, Santander was the largest bank in the euro zone by market capitalization and third in the world by profit. Founded in 1857, Santander had EUR 1,245 billion in managed funds at the end of 2009. Following the acquisition of Sovereign Bancorp. of the U.S. in January 2009, Santander has 90 million customers, 13,660 branches -- more than any other international bank -- and 170,000 employees. It is the largest financial group in Spain and Latin America, with leading positions in the United Kingdom and Portugal and a broad presence in Europe through its Santander Consumer Finance arm. In 2009, Santander registered EUR8,943 million in net attributable profit.
Forward-Looking Statements
Certain matters discussed in this news release are forward-looking statements, including that power generation for the project will begin in the second half of 2010, with final completion of the project expected by the end of 2010. 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 of the power plant, including interruptions due to weather or delays in the delivery of transformers, modules or other components; delays due to challenges against the permits or authorizations for the power plant by governmental or third parties; delays in interconnection of the power plant to the electricity grid; changes in the applicable regulatory system, including any incentives for production of electricity for solar power plants; and other risks described in MEMC's filings with the Securities and Exchange Commission. 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.
SOURCE: SunEdison
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