SunEdison, the world’s largest renewable energy development company, announced it has signed a definitive agreement with Dominion, one of the nation’s largest producers and transporters of energy, establishing a joint venture for Four Brothers, solar project in Utah, developed by SunEdison.
The Four Brothers project is expected to produce enough electricity to power more than 90,000 homes.
As an added benefit, the construction of the solar power project is expected to create an estimated 500 construction jobs within the rural communities of Beaver and Iron counties and produce $66 million in direct property and income taxes over 20 years, a news release indicated.
The project is now under construction and fully financed with an expected commercial operation date of mid-2016, according to a news release.
The Four Brothers project is contracted under long-term power purchase agreements for 20 years with PacifiCorp, a subsidiary of Berkshire Hathaway Energy.
Four Brothers generates approximately $40 million dollars of unlevered cash available for distribution to Dominion and SunEdison, a news release stated.
SunEdison’s 50 percent interest in the Four Brothers project is on the Call Right Projects List for TerraForm Power, Inc., a global owner and operator of clean energy power plants. (…)