The solar power purchase agreements are projected to save taxpayers millions of dollars, and will provide predictable energy pricing to L.A. County for decades to come.
BELMONT, Calif., Nov. 24, 2015 -- SunEdison, Inc. (NYSE: SUNE), the largest global renewable energy development company, today announced that it has signed 20-year power purchase agreements with Los Angeles County in a deal that will see nine government facilities powered with 6.2 megawatts DC of solar energy. The solar power purchase agreements are projected to save taxpayers millions of dollars, and will provide predictable energy pricing to L.A. County for decades to come.
"Municipalities across America are looking for ways to stretch their dollars and take a bite out of rising electricity rates, and SunEdison solar systems are a great way to accomplish this goal," said Sam Youneszadeh, SunEdison's regional general manager of its Western U.S. solar business. "By signing a long term agreement with guaranteed pricing, L.A. County will save millions of dollars while dramatically reducing its exposure to rising utility rates. SunEdison has installed hundreds of solar systems for public sector customers throughout the U.S., so our customers can rest assured that we understand their needs and know how to do the job right."
SunEdison will build solar parking canopies at many of the locations. Solar parking canopies provide both shade for parked cars and cost effective, clean solar energy.
The systems are expected to generate enough energy each year to power more than 1,400 Californian homes. Over the 20-year period, the systems will reduce carbon dioxide emissions by more than 114 million pounds—the equivalent of taking more than 10,000 cars off the road.
Construction for all nine projects is targeted for completion during the second half of 2016. Operation and maintenance of the solar systems will be performed by SunEdison Services, which provides 24/7 global asset management, monitoring and reporting services.
SunEdison is the largest global renewable energy development company and is transforming the way energy is generated, distributed, and owned around the world. The company develops, finances, installs, owns and operates renewable 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 customers with asset management, operations and maintenance, monitoring and reporting services. Corporate headquarters are in the United States with additional offices and technology manufacturing 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.