SunEdison And Dominion Announce Major Solar JV

Three Cedars Solar

SunEdison, Inc. (NYSE: SUNE), and Dominion (NYSE: D) have announced a joint venture for a 265 megawatt (MW) solar project in Utah.

The Three Cedars solar project, currently under construction and fully financed, will generate enough clean electricity to power more than 36,000 homes. Electricity produced by Three Cedars will be sold under a 20 power purchase agreement (PPA) with PacifiCorp (A-/A3), a subsidiary of Berkshire Hathaway Energy.

This isn’t the first time SunEdison and Dominion have joined forces. Last month the two companies inked a joint venture agreement for the 420 megawatt DC Four Brothers solar project; also in Utah.

“We are excited to expand our partnership with Dominion to a total of 685 megawatts of solar in Utah,” said Paul Gaynor, executive vice president of SunEdison EMEA & Americas.

“Our joint ventures with Dominion demonstrate the market appetite for SunEdison’s high-quality, long-term contracted assets. SunEdison power plants put hundreds of people to work, create real and lasting benefits for local residents, and deliver clean energy to Utah homes at a competitive price.”

Three Cedars is expected to create an estimated 250 construction jobs and generate $17 million in direct property and income taxes over 20 years.

Some of SunEdison’s other solar projects in Utah include the 22.6 megawatt Seven Sisters plant,  the 63MW Granite Mountain Solar West project, the 100 megawatt Granite Mountain Solar East facility and the 99 megawatt Iron Springs Solar power station.

In other SunEdison news announced overnight, the company says it has formed a strategic partnership with J.P. Morgan to fund renewable energy projects in operating and construction stages. The partnership will see J.P. Morgan’s clients providing equity to purchase renewable energy projects developed or purchased by SunEdison, with residual project costs to be financed by traditional, non-recourse commercial bank debt and tax equity.

“This partnership supports SunEdison’s growth strategy while strengthening our liquidity,” said Mr. Gaynor. “Attracting strong investors such as J.P. Morgan Asset Management reinforces the breadth and depth of demand for ownership of renewable energy assets.”

SunEdison is the world’s largest global renewable energy development company and one of the world’s largest renewable energy asset managers.