SunEdison Inc. (NYSE: SUNE) announced May 28 that it has signed agreements with five municipal entities on Long Island to build seven solar power plants totaling 14 MW (dc).
The electricity from these power plants will be sold to the Long Island Power Authority (LIPA), an electricity service provider for 1.1 million customers in Long Island, New York, through separate 20-year power purchase agreements. The contracts with the towns of Southold and Easthampton, plus Nassau County, Suffolk County and the Suffolk County Water Authority, were awarded as part of the LIPA 100 MW Clean Solar Initiative Feed-in Tariff program.
“LIPA’s Clean Solar Initiative program allows communities to benefit from locally generated solar energy, enabling them to better control energy costs,” said Steve Raeder, managing director of Eastern USA distributed generation for SunEdison. “This program has been extremely successful and we look forward to developing more projects in Long Island.”
Raeder went on to say: “And with the new NYSERDA block incentive program and the governor’s Reforming the Energy Vision plan, we can replicate our success in Long Island and bring clean, affordable solar energy to customers across the entire state of New York.” NYSERDA is the New York State Energy Research and Development Authority.
These solar power plants are on the Call Right Projects List for SunEdison’s yieldco affiliate, TerraForm Power (Nasdaq: TERP), a global owner and operator of clean energy power plants. TerraForm Power expects to purchase these projects upon completion. 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.
SunEdison 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 inthe United States, with additional offices around the world.