SunEdison, a subsidiary of MEMC Electronic Materials (WFR), and Xcel Energy (XEL) have broken ground on 54MW in solar projects in New Mexico.  The project will cover five separate sites in two counties and are expected to be completed by the end of next year.  SunEdison will build, finance and maintain the projects while Xcel Energy will ultimately purchase the electricity under a 20 year power services agreement.  The projects help the state reach its goal of 15% renewable energy by 2015 and 20% by 2020.

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“SunEdison is proud of our continued relationship with Xcel Energy,” stated Carlos Domenech, president of SunEdison and executive vice president of MEMC. “Having recently activated a 70MW deployment in Italy, SunEdison has proven our ability to construct and finance large utility-scale solar deployments. We look forward to working with Xcel Energy in helping them reach their renewable energy goals”

Shares of WFR have been under pressure for nearly two months following a big run at the end of the summer and I believe may soon offer a very compelling long term entry point.