SunEdison, a worldwide solar energy services provider and a subsidiary of MEMC Electronic Materials, has executed an agreement to develop 15 industrial rooftop solar photovoltaic 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 photovoltaic solar energy systems with a total capacity of 2.2 MW. GE Capital Real Estate will receive lease revenue for rooftop space allocated to the projects, without any up-front capital equipment costs.
The projects will be hosted at GE Capital Real Estate facilities, and the Ontario Power Authority will purchase the energy produced under the terms of Ontario's feed-in tariff program. Construction on three of the 15 rooftop PV systems is expected to begin this fall. The majority of the projects will be located in the Greater Toronto area.