SMA America, the U.S. subsidiary of SMA Solar Technology AG (SMA/FWB: S92), has signed a 10-year framework agreement with TerraForm Power for SMA to provide operations and maintenance (O&M) services for TerraForm Power’s North American solar fleet. Starting in early 2020, the companies will enter into long-term project-level service agreements and transition operations to SMA. The 10-year agreement covers approximately 1 gigawatt of TerraForm Powers’ existing solar portfolio.
“We are pleased that TerraForm Power has selected SMA as the O&M services partner for its North American solar fleet. With this award SMA is strengthening its position among the top providers of O&M services,” said Jürgen Reinert, Chief Executive Officer of SMA. “As a leading inverter repowering specialist SMA offers solutions that can replace obsolete inverters thereby enhancing plant performance. This includes repowering of defunct inverters when original equipment manufacturers no longer support equipment. Our nationwide service footprint and global presence give us an additional advantage.”
SMA is uniquely qualified to serve as the custodian of Terraform Power’s assets given its knowledge of inverter technology and more than 35-year experience in photovoltaics technology. SMA’s expertise reduces TerraForm Power’s operational risk and aligns with the latter company’s objective to maximize production and improve reliability.
“We are pleased to sign an innovative framework agreement with SMA to oversee O&M activities for our North American solar fleet and believe this agreement will prove to be an important operational milestone for TerraForm Power,” said John Stinebaugh, Chief Executive Officer of TerraForm Power.
This new partnership will support TerraForm Power’s North American solar fleet, consisting of both distributed generation and utility-scale North American Electric Reliability Corporation (NERC) solar facilities. With this partnership, SMA now represents 3.2 GW of O&M service in the Americas region and 4.5 GW globally.
Disclaimer:
This press release serves only as information and does not constitute an offer or invitation to subscribe for, acquire, hold or sell any securities of SMA Solar Technology AG (the “Company”) or any present or future subsidiary of the Company (together with the Company, the “SMA Group”) nor should it form the basis of, or be relied upon in connection with, any contract to purchase or subscribe for any securities in the Company or any member of the SMA Group or commitment whatsoever. Securities may not be offered or sold in the United States of America absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended.
This press release can contain future-oriented statements. Future-oriented statements are statements which do not describe facts of the past. They also include statements about our assumptions and expectations. These statements are based on plans, estimations and forecasts which the Managing Board of SMA Solar Technology AG (SMA or company) has available at this time. Future-oriented statements are therefore only valid on the day on which they are made. Future-oriented statements by nature contain risks and elements of uncertainty. Various known and unknown risks, uncertainties and other factors can lead to considerable differences between the actual results, the financial position, the development or the performance of the corporation and the estimates given here. These factors include those which SMA has discussed in published reports. These reports are available on the SMA website at www.SMA.de. The company accepts no obligation whatsoever to update these future-oriented statements or to adjust them to future events or developments.
“We are pleased that TerraForm Power has selected SMA as the O&M services partner for its North American solar fleet. With this award SMA is strengthening its position among the top providers of O&M services,” said Jürgen Reinert, Chief Executive Officer of SMA. “As a leading inverter repowering specialist SMA offers solutions that can replace obsolete inverters thereby enhancing plant performance. This includes repowering of defunct inverters when original equipment manufacturers no longer support equipment. Our nationwide service footprint and global presence give us an additional advantage.”
SMA is uniquely qualified to serve as the custodian of Terraform Power’s assets given its knowledge of inverter technology and more than 35-year experience in photovoltaics technology. SMA’s expertise reduces TerraForm Power’s operational risk and aligns with the latter company’s objective to maximize production and improve reliability.
“We are pleased to sign an innovative framework agreement with SMA to oversee O&M activities for our North American solar fleet and believe this agreement will prove to be an important operational milestone for TerraForm Power,” said John Stinebaugh, Chief Executive Officer of TerraForm Power.
This new partnership will support TerraForm Power’s North American solar fleet, consisting of both distributed generation and utility-scale North American Electric Reliability Corporation (NERC) solar facilities. With this partnership, SMA now represents 3.2 GW of O&M service in the Americas region and 4.5 GW globally.
Disclaimer:
This press release serves only as information and does not constitute an offer or invitation to subscribe for, acquire, hold or sell any securities of SMA Solar Technology AG (the “Company”) or any present or future subsidiary of the Company (together with the Company, the “SMA Group”) nor should it form the basis of, or be relied upon in connection with, any contract to purchase or subscribe for any securities in the Company or any member of the SMA Group or commitment whatsoever. Securities may not be offered or sold in the United States of America absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended.
This press release can contain future-oriented statements. Future-oriented statements are statements which do not describe facts of the past. They also include statements about our assumptions and expectations. These statements are based on plans, estimations and forecasts which the Managing Board of SMA Solar Technology AG (SMA or company) has available at this time. Future-oriented statements are therefore only valid on the day on which they are made. Future-oriented statements by nature contain risks and elements of uncertainty. Various known and unknown risks, uncertainties and other factors can lead to considerable differences between the actual results, the financial position, the development or the performance of the corporation and the estimates given here. These factors include those which SMA has discussed in published reports. These reports are available on the SMA website at www.SMA.de. The company accepts no obligation whatsoever to update these future-oriented statements or to adjust them to future events or developments.
