This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

SunEdison Unveils $50M Solar Partnership for California

NEW YORK (TheStreet) -- SunEdison (SUNE) announced Friday it had secured funding for construction of 13.4 megawatts of solar installations for the state of California's hospitals and prisons.

Together with solar investors Sol Systems, SunEdison has partnered with Nationwide Mutual Insurance Company, a new name in solar tax equity investing, and the National Bank of Arizona to create a $50 million fund to build new solar facilities.

"The most interesting piece about this transaction is that Sol Systems is converting Fortune 100 Companies, like Nationwide, into new solar tax equity investors, at a time when such investments are critical for the solar industry," Natacha Kiler, a spokesperson for Sol Systems, told TheStreet, Friday.

Federal tax credits and other tax benefits are among the government's main incentives for solar energy, including a 30% tax credit for investment in solar energy through 2016. Specializing in financing for solar projects, Sol Systems develops partnerships by finding companies that could benefit from the tax credit and matching them with projects in need of financing.

There currently aren't enough identified tax equity investors to finance all the plans for solar projects, so the arrival of new ones, like Nationwide, is key to solar development, Kiler said.

SunEdison will build the new facilities, some of which have already started construction. Once complete, SunEdison will manage the plants through its 24/7 Renewable Operations Center that currently monitors over 1.9 gigawatts of solar facilities internationally.

Quoted in the SunEdison press release, an official from California's Department of Corrections and Rehabilitation noted that by the end of 2014 the prison system plans to have approximately 41 megawatts of capacity, up from 37 megawatts currently. At that point about 15% of the total power use for the state's prisons will be coming from solar energy, creating a projected taxpayer savings over 20 years of about $84 million.

Shares of SunEdison got a boost Tuesday from a Morgan Stanley upgrade. The stock hit a 53-week high of $21.93 in early trading Friday but had given up that gain by midday and was last trading at $20.88. Year-to-date the stock is up over 51%. SUNE ChartSUNE data by YCharts

-- Written by Carlton Wilkinson in New York City

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,104.03 +52.30 0.31%
S&P 500 1,982.56 +8.93 0.45%
NASDAQ 4,451.4230 +26.7190 0.60%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs