SolarCity Corp., which design, funds and installs solar projects, announced on Tuesday a 7.4-megawatt project with the Los Angeles Unified School District to install solar panels at 26 schools, including locations in the San Fernando Valley.
Officials say the district project will further the district’s goals for sustainability while saving money.
“SolarCity’s 26-school solar project will help LAUSD achieve its ambitious renewable energy goals while preserving budget dollars for teachers and student services,” said Lyndon Rive, chief executive of the San Mateo, which has a regional office in Lancaster.
The project, which includes Valley schools Byrd Middle School, East Valley Middle School and Reseda High School, will save the district at least $776,000 in the first year and $25 million over 20 years, according to SolarCity estimates.
Financial terms of the deal were not disclosed.
The company made a notable inroad in the greater Valley area in 2010 when it partnered with the city for “Solar Lancaster,” a series of projects designed to offer affordable solar power to residents. SolarCity has since installed 27 megawatts of power-generating equipment there.
The company filed for a $201 million IPO in early October. It had $59.6 million in revenue last year, but has yet to turn a profit, according to its prospectus.