SunEdison (NYSE:SUNE) Signs Power Purchase Agreement with Stockton East Water District

SunEdison (NYSE:SUNE) Signs Power Purchase Agreement with Stockton East Water District

SunEdison Inc (NYSE:SUNE), a renewable energy company, disclosed that it struck an agreement for a solar power purchase with Stockton East Water District in California. The company intends to install 2.2 megawatts of high-performance solar panels on the district’s property. As a result, the company indicated that the district has the potential to save over $9.5 million on energy costs. However, that would spread over the next two decades. The district is also projected to save 20 million gallons of water every year.

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Enough Energy to Offset Electricity Costs

SunEdison said that its solar systems would generate sufficient energy to generate 50% of the electricity that was used at the facility. The amount of saved electricity has the potential to power 650 homes in California for a year. The system also lowers emissions of over 50 million pounds of carbon dioxide over a two decade period. That is equal to taking approximately 5,000 cars off the roads.

The company said that it plans to complete the system in the current year. SunEdison clarified that its operation and maintenance would be managed by them as well. So far, the company was able to install solar power in over 1,000 locations throughout the United States. As a result, it was able to save 20 billion gallons of water.

Stockton East Water District’s GM Scot Moody, said that the district would benefit from the solar energy without any additional costs. However, savings will start from day one. He said that it was a good example of how the district was looking at fresh initiatives to save money and resources.