SunEdison expands JV with Dominion for 265MW Three Cedars solar project in Utah, US

8 September 2015 (Last Updated September 8th, 2015 18:30)

Renewable energy giant SunEdison has formed a 50:50 joint venture with Dominion to develop the 265MW Three Cedars solar power project in Utah, US.

Renewable energy giant SunEdison has formed a 50:50 joint venture with Dominion to develop the 265MW Three Cedars solar power project in Utah, US.

The undertaking marks an expansion of the joint venture (JV) recently formed by the two parties, where Dominion had agreed to invest in the 420MW DC Four Brothers solar project in the US state.

This expanded JV agreement entitles Dominion to 50% cash equity and 99% tax equity of the Three Cedars project. The firm has contributed $320m to the deal, and a portion of that will be used for constructing the new facility.

"SunEdison power plants put hundreds of people to work, create real and lasting benefits for local residents, and deliver clean energy to Utah."

According to 20-year power purchase agreements for the project, its energy output will be forwarded to PacifiCorp (A-/A3), which is a subsidiary of Berkshire Hathaway Energy.

Construction works for the now fully financed project is underway.

Expected to be commissioned in mid-2016, the solar energy facility will be able to meet power demands of more than 36,000 homes.

SunEdison has already placed its 50% share in the Four Brothers and Three Cedars projects on the call right projects list for TerraForm Power.

SunEdison EMEA and Americas executive vice-president Paul Gaynor said: "We are excited to expand our partnership with Dominion to a total of 685MW of solar in Utah.

"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."