SunEdison Awarded 2.2 MW of Solar Rooftop Projects for GE Capital Real Estate

— Sep 21, 2010

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SunEdison, a leading worldwide solar energy services provider and subsidiary of MEMC Electronic Materials, announced Sept. 15 that it has executed an agreement to develop 15 industrial rooftop solar photovoltaic (PV) 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 PV solar energy systems with capacity totaling 2.2 megawatts (MW). 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 5,515 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.

 

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About Tariq Sultan
Dear Readers, I am a dedicated Toronto, Ontario based real estate professional who has been successfully meeting and exceeding the needs of his clients for past several years. I am actively involved in the insurance, financing, and mortgage industry. Real estate is not only my career – it is my passion. I strive to continuously provide my clients with exceptional service to ensure they are fully satisfied when it comes to their real estate needs. For any real estate related inquires contact me today, I will be happy to assist you. Best wishes, Tariq Sultan

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