SunEdison, a division of MEMC Electronic Materials Inc., will develop and build industrial and retail rooftop solar photovoltaic projects for LaSalle Investment Management, a global real estate investment manager based in Ontario.
Under the agreement, SunEdison will finance, build, own, operate, monitor and maintain photovoltaic solar energy systems with capacity totaling 2.1 MW. The systems will be hosted at LaSalle Investment Management facilities, and the Ontario Power Authority (OPA) will purchase the energy produced under the terms of Ontario's feed-in-tariff program.
LaSalle Investment Management will receive lease revenue for rooftop space allocated to the projects, without any up-front capital equipment costs, SunEdison says. The systems will be launched starting in late summer, with the majority of installations expected to be completed by the end of this year. The majority of projects will be located in the Greater Toronto area.