SunEdison, Inc. (NYSE:SUNE), the world's largest renewable energy development company, today announced the completion of a 2.1 megawatt solar energy system that will supply electricity to Pocomoke City's wastewater treatment plant via a 20 year power purchase agreement. These projects were on the TerraForm Power call right list and have been acquired and are now owned by TerraForm Power, Inc. (Nasdaq: TERP), a global owner and operator of clean energy power plants.
The Pocomoke City solar 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.
"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."
"Pocomoke City calls itself The Friendliest Town on the Eastern Shore, and, thanks to the foresight of city officials, it is well on its way to being known as the Greenest Town on the Eastern Shore," 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."
"Our appreciation goes out to SunEdison and Standard Solar, who introduced us to this innovative solution," said Russell Blake, City Manager for Pocomoke City. "We're using aggregated net metering to maximize savings on our electric bill."
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 percent of its electricity from renewable sources by 2020.
The Pocomoke City solar 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.
"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."
"Pocomoke City calls itself The Friendliest Town on the Eastern Shore, and, thanks to the foresight of city officials, it is well on its way to being known as the Greenest Town on the Eastern Shore," 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."
"Our appreciation goes out to SunEdison and Standard Solar, who introduced us to this innovative solution," said Russell Blake, City Manager for Pocomoke City. "We're using aggregated net metering to maximize savings on our electric bill."
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 percent of its electricity from renewable sources by 2020.
