SunEdison signs joint energy storage development contract

SunEdison PEPWR solar power renewable energy

SunEdison Inc. (NYSE: SUNE) and Advanced Microgrid Solutions signed a joint development agreement to finance and deliver 50 MW of energy storage for Southern California Edison (SCE).
 
These storage facilities will be the first storage assets acquired by TerraForm Power Inc. (Nasdaq: TERP). The storage systems will be built on commercial and industrial customer sites throughout the West Los Angeles Basin. SCE will purchase capacity from the storage systems under a 10-year capacity contract. The company expects to use the electricity stored in these hybrid-electric buildings to partly offset the power lost from the decommissioned San Onofre Nuclear Generating Station and other soon-to-be retired gas-fired power plants. The program is part of SCE’s plan to modernize the grid by adding 2.2-GW of energy storage and renewables by 2022.
 
The first fleet of energy storage systems is scheduled to begin operations in 2016 in Irvine, California.

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