San Diego Expects to Save $22 Million with SunEdison

SunEdison, Inc. (NYSE: SUNE), the largest global renewable energy development company, announced that it has inked a 20-year power-purchase agreement with the city of San Diego that will see 6.6 megawatts of solar installed across 25 city-owned sites. The city estimates that over the life of the agreement the solar systems will save its taxpayers $22 million.

"Smart cities like San Diego are using solar to save money now, and to hedge against rising utility rates," said Sam Youneszadeh, SunEdison's regional general manager of its Western U.S. solar business. "SunEdison has a proven track record delivering high quality solar systems to hundreds of city and government customers across the U.S.—we know how to help our customers get the best solution when it comes to saving money with solar."

"We are looking forward to working with SunEdison to reduce the City's carbon footprint," said Mayor Kevin Faulconer. "This solar agreement will help us achieve our energy efficiency goals, saving San Diegans millions of dollars over the term of the agreement while doing the right thing for the environment."

San Diego worked with California joint powers authority SPURR to arrange the solar power deal with SunEdison. SPURR helps its clients navigate the process of going solar, and has set up a competitive procurement process which ensures its clients get a great deal from a reputable solar company.

"We're confident that San Diego is getting the best deal by choosing to go solar with SunEdison," said Michael Rochman, SPURR's managing director. "SunEdison's solar solutions are far superior to anything else we have seen in the marketplace, and they have the track record to make sure these systems are cared for over their entire life."

The 25 sites getting new solar systems include the Tierrasanta, Carmel Valley and Rancho Bernardo Recreation Centers, as well as the Point Loma, Malcolm X and Serra Mesa – Kearny Mesa Libraries.

SunEdison will build solar parking canopies at many of the locations. Solar parking canopies provide both shade for parked cars and cost effective, clean solar energy.

The solar systems are expected to offset more than 70 percent of the electricity used by these buildings, the same amount consumed by around 6,700 California homes a year. The systems will also reduce carbon dioxide emissions by more than 100 million pounds over the 20-year period—the equivalent of taking more than 11,000 cars off the road.

SunEdison plans to start construction during the second quarter of 2016, with completion targeted by the fourth quarter. Operation and maintenance of the solar systems will be performed by SunEdison Services, which provides global asset management, monitoring and reporting services.

Source: SunEdison /investors.sunedison.com