BELMONT, California, Nov. 12, 2014 (ANTARA/PRNewswire) -- SunEdison, Inc. (NYSE: SUNE), a leading solar technology manufacturer and provider of solar energy services, today announced that it entered into a joint framework agreement with Aboitiz Renewables, Inc., a wholly-owned subsidiary of Aboitiz Power Corporation (AboitizPower). The agreement formalizes their intention to jointly explore, develop, construct and operate up to 300 megawatts of utility-scale solar photovoltaic power generation projects in the Philippines over the next three years.
"It's an ideal partnership," said Ahmad Chatila, chief executive officer of SunEdison. "AboitizPower has extensive utility-scale experience in the Philippine power market, and SunEdison has leading world-class solar technology and deployment capabilities. Together we are ideally positioned to swiftly bring cost effective solar energy to the people of the Philippines."
"We are constantly exploring new energy sources, and this exclusive agreement with SunEdison is an important milestone and a welcome addition to our current portfolio of renewable energy," said Erramon I. Aboitiz, chief executive officer, Aboitiz Power Corp. "Our deep knowledge of local markets, together with SunEdison's proven track record and cutting edge technology, will enable us to rapidly achieve our goal."
The partnership with Aboitiz Renewables aims to develop the first in a series of utility-scale solar power projects in the Philippines starting in 2015. This follows similar arrangements by SunEdison in India and China through continued leverage of its ability to deploy cost effective solar energy solutions to meet the growing power needs of developing and emerging power markets.
SunEdison is a global leader in transforming how energy is generated, distributed and owned. SunEdison manufactures solar technology and develops, finances, installs and operates distributed solar power plants, delivering predictably priced electricity and services to its residential, commercial, government and utility consumers. SunEdison also provides 24/7 asset management, monitoring and reporting services for hundreds of solar systems worldwide via the company's Renewable Operation Center (ROC). SunEdison has offices in North America, Europe, Latin America, Africa, India and Asia. SunEdison's common stock is listed on the New York Stock Exchanges under the symbol "SUNE." To learn more visit www.sunedison.com.
AboitizPower is a national leader in the Philippine power industry, active in generation, distribution, retail energy sales, and trading and energy efficiency. Its current generating portfolio of 2,210 megawatts includes geothermal, hydro, coal and oil plants. It is also committed to build an additional 2,000 megawatts in the next five years. AboitizPower is also looking at opportunities for international expansion in South East Asia, particularly in the field of renewable energy.
ARI is the holding company of AboitizPower's investments in renewable energy generation.
To learn more, visit www.aboitizpower.com
Certain matters discussed in this press release are forward-looking statements, including to explore, develop, construct and operate up to 300 megawatts of utility-scale solar photovoltaic power generation projects in the Philippines over the next three years; bring cost effective solar energy to the people of the Philippines; and develop the first in a series of utility-scale solar power projects in the Philippines starting in 2015. 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 changes in applicable regulatory requirements and incentives for production of solar power; and general business and economic conditions, including seasonality of the industry, and other risks described in SunEdison's filings with the United States Securities and Exchange Commission. These forward-looking statements represent SunEdison's judgment as of the date of this press release. SunEdison disclaims, however, any intent or obligation to update these forward-looking statements.