SunEdison, one of the world’s leading solar power companies, is partnering with Los Angeles solar developer PermaCity to bring 22 megawatts (i.e., a lot) of solar power to more rooftops.
Essentially, the deal is that SunEdison, which will install and operate the solar power systems, will together with PermaCity lease rooftops where the solar power systems will be installed.
SunEdison will be earning money via a Beacon Bundled Solar contract it won from the Los Angeles Department of Water and Power (LADWP) last July. That contract required involvement of a local solar developer. Apparently, PermaCity one SunEdison’s heart in some way.
PermaCity will be in charge of finding the rooftops to lease, which can be on public or private buildings, and will manage the leasing side of the projects.
SunEdison will provide the solar panels and manage the financing, as well as handle the installation and operation, as noted above.
Once the projects are fully installed, SunEdison subsidiary TerraForm Power will gain the option to own the projects. I know, it’s getting complicated here… such is business in the 21st century.
SunEdison and PermaCity are also building a 88-megawatt utility-scale solar farm under this Beacon Bundled Solar contract, aimed to be finished in 2016. In total, these two projects are expected to create around 700 jobs, and PermaCity has targeted the hiring of veterans and youth.
“PermaCity and SunEdison are undertaking an exciting initiative to add 22 megawatts of rooftop solar projects across Los Angeles,” said Jonathan Port, Chief Executive Officer of PermaCity.
