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SunEdison, a leading worldwide solar energy services provider and subsidiary of MEMC Electronic Materials, has executed an agreement to develop 15 industrial rooftop solar photovoltaic projects for GE Capital Real Estate, a global real estate investment company.
Under the terms of the agreement, SunEdison will finance, build, own, operate, monitor, and maintain photovoltaic solar energy systems with capacity totaling 2.2 megawatts. GE Capital Real Estate will receive lease revenue for rooftop space allocated to the projects, without any upfront capital equipment costs. The projects will be hosted at GE Capital Real Estate facilities, and the Ontario Power Authority (OPA) will purchase the energy produced under the terms of Ontario’s Feed-in Tariff Program (FIT).
Construction on three of the 15 rooftop PV systems is expected to begin this fall. The majority of projects will be located in the Greater Toronto Area (GTA) including Vaughan, Brampton, Burlington, Markham, and Mississauga, with additional systems located in London. Over 20 years, the systems are expected to generate more than 47 million kWh of clean energy — with the potential to offset an estimated 9.8 million kilograms of CO2 into the atmosphere, which is the equivalent of removing 5515 of cars from the road for one year.
“GE Capital Real Estate is focused on being at the forefront of environmental leadership in commercial real estate,” said Kathy Lee, Managing Director at GE Capital Real Estate Canada. “Our partnership with SunEdison and the installation of rooftop solar arrays is an important step in meeting our sustainability goals.”
“As the largest North American solar energy provider, SunEdison has a solid background in bringing solar projects to fruition,” said Jason Gray, Canada Country Manager for SunEdison. “Working with GE Capital Real Estate and the Ontario government, our goal is to help build a greener tomorrow for Canada.”
Ontario’s Feed-In Tariff (FIT) program for renewable energy generation is a cornerstone of the province’s Green Energy Act. Under the program, participants are paid a fixed-price for the electricity they generate over a 20 year contract period.
GE Capital Real Estate is one of the world’s premier commercial real estate companies – with US$76 billion in assets and a presence in 31 markets throughout North America, Europe, Asia, and Australia/New Zealand. GE Capital Real Estate has a depth of knowledge, experience, and a history of building relationships, finding opportunities, and opening doors for thousands of owners, builders, borrowers, investors, and brokers worldwide.
SunEdison is a global provider of solar-energy services. The company develops, installs, finances, and operates distributed power plants using proven photovoltaic technologies, delivering fully managed, predictably priced solar energy services for its commercial, government, and utility customers. In 2009, SunEdison delivered more kilowatt hours (kWh) of energy than any other solar services provider in North America.
MEMC is a global leader in the manufacture and sale of wafers and related intermediate products to the semiconductor and solar industries. MEMC has been a pioneer in the design and development of wafer technologies over the past 50 years. With R&D and manufacturing facilities in the U.S., Europe, and Asia, MEMC enables the next generation of high performance semiconductor devices and solar cells. With the acquisition of SunEdison, MEMC is now a developer of solar power projects and North America’s largest solar energy services provider.
Read Large-Scale Solar Power Systems: Construction and Economics from Amazon.