MEMC Wins Contracts to Sell 86.5 Megawatts of Solar Power

MEMC Electronic Materials Inc. (WFR)’s SunEdison solar development unit won contracts to sell 86.5 megawatts of power from solar farms to three southern California utilities.

SunEdison will design and build the 20 megawatt North Lake I solar plant in western Riverside County and sell the output to Riverside Public Utilities under a 25-year contract, the St. Peters, Missouri-based company said today in a statement. Construction is expected to begin in 2014 and it will start delivering power the following year.

Edison International (EIX)’s Southern California Edison utility also agreed to buy 48 megawatts of power from SunEdison under three contracts that were approved by state regulators Oct. 31, and Sempra Energy’s San Diego Gas & Electric Co. will purchase 18.5 megawatts of electricity.

MEMC fell 1 percent to $2.95 at the close in New York. The shares have gained 75 percent in the past six months.

To contact the reporter on this story: Christopher Martin in New York at cmartin11@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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