SunEdison, Calif. school district forge solar deal

AP News
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Posted: Dec 09, 2009 3:45 PM

The Irvine board of education on Wednesday approved a plan to work with MEMC Electronic Materials Inc. subsidiary SunEdison and privately held SPG Solar to install solar power systems at 21 district sites.

The school district, which serves 27,000 students, said the solar photovoltaic power systems would save it $17 million in energy expenses over 20 years.

Under the terms of the deal, SunEdison will finance, build, operate and maintain the solar power systems. The Irvine school district will buy power from SunEdison. Further financial details were not disclosed.

Shares of MEMC Electronic Materials slipped 23 cents, or 1.8 percent, to $12.877 in late trading.