SunEdison (NYSE: SUNE) has signed agreements with five municipal entities on Long Island to build seven solar power plants, totaling 14-MW.
The electricity produced will be sold to the Long Island Power Authority (LIPA) through a 20-year power purchase agreement. The contracts with the Town of Southold, Town of Easthampton, 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.
The construction of the plants are expected to create approximately 100 jobs in the Long Island area. Once completed, the plants will offset the emission of more than 27 million pounds of carbon dioxide annually.
The projects are on the Call Right Projects List for SunEdison's Yieldco affiliate, TerraForm Power.
TerraForm Power expects to purchase these projects upon completion. Operation and maintenance services will be performed by SunEdison Services.
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