TerraForm Power to sell energy to Duke Energy Progress under 15-year PPAs
SunEdison, Inc, the world’s largest renewable energy development company, and TerraForm Power, Inc, a global owner and operator of clean energy power plants, today announced the interconnection of four photovoltaic solar energy plants in North Carolina with a total capacity of 26 megawatts DC. TerraForm will sell the electricity generated by the solar power plants to Duke Energy Progress via 15-year Power Purchase Agreements.
“It’s very exciting to turn land that is no longer viable for farming into productive solar farms that will create low-cost, environmentally friendly energy for the residents of North Carolina,” said Ahmad Chatila, President and Chief Executive Officer at SunEdison. “And by using a local workforce to construct the projects, we’ve been able to bolster the local economy.”
“TerraForm is pleased to work with Duke Energy Progress to provide affordable, clean energy to the residents of North Carolina,” said Carlos Domenech, President and Chief Executive Officer of TerraForm. “Partnerships with forward-thinking utilities like Duke Energy Progress are an important growth avenue for TerraForm, and we will continue to create high-return projects in this segment that benefit our shareholders and the communities those projects serve.”
SunEdison secured the financing for the systems with federal and state tax equity investors. Operation and maintenance of the solar power plants will be performed by SunEdison Services, which provides global 24/7 asset management, monitoring and reporting services.