SunEdison, Inc. (NYSE: SUNE), the world's largest renewable energy development company, today announced an agreement to develop and install four solar power plants for the City of Long Beach, delivering a combined 2.5 megawatts of solar energy. SunEdison has added the plants to the call right list of TerraForm Power, Inc. (Nasdaq: TERP), a global owner and operator of clean energy power plants.
"It's a genuine pleasure to partner with the City of Long Beach," said Rafael Dobrzynski, Senior Vice President and General Manager of Distributed Generation at SunEdison North America. "The City has a compelling vision for a sustainable economy, and with solar they can save money, save water, and cut down on pollution. And with a SunEdison fixed-price power purchase agreement, they can lock in energy savings without a penny up-front."
The City of Long Beach is projecting $60,000 in savings during the first year alone. The four solar power plants are projected to save 3,249 tons of carbon dioxide per year, equivalent to taking 621 cars off the road, or the amount of carbon sequestered by 2,416 acres of trees.
The City of Long Beach chose SunEdison based in part on their successful track record with other California municipalities, such as San Jose and Huntington Beach, and their leadership position in the commercial solar market. SunEdison will install the solar systems on a number of city buildings and properties, including such prominent facilities as the Long Beach Airport and the Main Health Department building. Each solar installation is designed to offset power exclusively for the city at the sites where the systems are installed. 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.
