SunEdison will also retain the right to purchase the remaining 67 percent at a future date.
The 425 MW include 24 projects in California, Connecticut, Georgia, Indiana, Tennessee and Utah. Fifteen of the projects have been in service for a year or more. The rest have either come online this year or will be completed by the end of 2015.
Thomas F. Farrell II, chairman, president and chief executive officer of Dominion, said, “We began acquiring and developing long-term contracted solar projects in 2013 to build the knowledge and expertise in constructing, owning and operating utility-scale solar power before bringing that technology to Virginia…. Our focus is shifting from constructing contracted solar to constructing utility solar in Virginia, where we expect to develop 400 megawatts of generating capacity by 2020.”
This is not the only announcement the 2 companies made yesterday. They will also be partnering on the Three Cedars Solar project in Utah. Both companies will have a 50 percent interest in the 2010 MW project, which is expected to come online in 2016.
SunEdison has been making partnerships this year not only with other solar companies but also with NASCAR. In fact, that partnership was spotlighted in the White House Solar Initiative earlier this year.