SunEdison Strengthens US Residential Sales Engine With PPA Product Launch, Expanded Channel and Sales Platform, and Tax Equity Financing From Morgan Stanley
- SunEdison launches power purchase agreement (PPA) product across seven US states
- Tax equity financing immediately available for the PPA product from Morgan Stanley
- TerraForm Power to acquire residential power plants upon completion as long-term asset owner
- Channel reach expanded with SunEdison's acquisition of LightWing, a comprehensive solar platform solution for utilities and retail energy providers
- Sales capabilities strengthened by SunEdison's exclusive partnership with Evolve Solar, one of the nation's largest solar resellers
BELMONT, California, May 5, 2015 /PRNewswire/ -- SunEdison, Inc. (NYSE: SUNE), the world's largest renewable energy development company, today announced the launch of a residential power purchase agreement (PPA) product, the acquisition of LightWing, a comprehensive solar platform solution for utilities and retail energy providers (REPs), and an exclusive sales partnership with Evolve, one of the nation's largest residential solar resellers.
"By executing on these initiatives, we've enhanced our product portfolio and channel platform to fuel significant growth," said Global General Manager and Senior Vice President of Residential and Small Commercial at SunEdison, Vikas Desai. "With the addition of a new residential PPA product and greatly strengthened channel and sales capabilities, we're now positioned to effectively serve every segment of the residential and small commercial market."
SunEdison also announced an agreement with leading financier Morgan Stanley to provide tax equity financing for the PPA product in a partnership fund with TerraForm Power (Nasdaq: TERP), a global owner and operator of clean power plants.
"TerraForm is pleased to support the launch of SunEdison's broader residential solar platform. We look forward to being a long-term owner of these residential assets, which we believe will deliver high quality cash flows and growth to our shareholders from this new market segment," said Carlos Domenech, CEO of TerraForm Power.
To rapidly expand its channel coverage and reach new consumers, SunEdison has acquired LightWing, a company which has created a comprehensive solar platform solution specifically designed for utility companies and retail energy providers or REPs. The capabilities of LightWing's team provides access to a significantly broader customer base for SunEdison.
Evolve Solar, one of the top residential resellers in the US with a 250+ strong sales force, will now exclusively sell SunEdison solar products. SunEdison anticipates the partnership will drive significant residential system volume across the new platform. Evolve has proven their capabilities through reaching 40,000 potential consumers each month across 9 states.
About SunEdison
SunEdison is the world's largest renewable energy development company and is transforming the way energy is generated, distributed and owned around the globe. The company manufactures solar technology and develops, finances, installs, owns and operates wind and solar power plants, delivering predictably priced electricity to its residential, commercial, government and utility customers. SunEdison is one of the world's largest renewable energy asset managers and provides asset management, operations and maintenance, monitoring and reporting services for its renewable energy customers around the world. Corporate headquarters are in the United States, with additional offices around the world. SunEdison's common stock is listed on the New York Stock Exchange under the symbol "SUNE." To learn more visit www.sunedison.com.
About TerraForm
TerraForm is a renewable energy leader that is changing how energy is generated, distributed and owned. TerraForm creates value for its investors by owning and operating clean energy power plants. For more information about TerraForm, please visit: http://www.terraform.com.
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