SunEdison and PermaCity to Build Rooftop Solar in Los Angeles

SunEdison Inc., the best-performing solar company last year, and California-based developer PermaCity have agreed to add 22 megawatts of capacity to public and private rooftops in Los Angeles.

SunEdison and PermaCity will lease rooftops in the area served by the Los Angeles Department of Water and Power as part of a contract the agency awarded in 2014 to SunEdison, according to a statement Tuesday.

Maryland Heights, Missouri-based SunEdison is providing financing and panels for the projects, while PermaCity will manage construction. TerraForm Power Inc., SunEdison’s power-plant holding company, will have the option to acquire the developments after they’re completed.

SunEdison declined 0.9 percent to $20.18 at 11:48 a.m. in New York. The shares climbed 50 percent in 2014, the most among peers in the 21-member Bloomberg Intelligence Global Large Solar Energy index.

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