Sempra, Consolidated Edison conclude 300-MW solar park JV deal
Sep 23, 2013 - Sempra US Gas & Power, part of US group Sempra Energy (NYSE:SRE), said today it had wrapped up the sale of 50% stakes in two 150-MW solar parks to US solar energy group Consolidated Edison Development.
Under the terms of the deal, first announced in May, the two companies agreed to operate the 150-MW Copper Mountain Solar 2 and the 150-MW Mesquite Solar 1 power plants as 50/50 joint ventures. Financial details were not revealed.
Sempra said that through the sale it will improve its financial returns, deconsolidate debt and obtain additional capital for investment into more renewable projects. The company will remain in charge of operations and maintenance at both sites.
The two solar photovoltaic facilities have long-term power purchase agreements with Pacific Gas & Electric. The 150-MW Mesquite Solar 1, completed at the end of 2012, is estimated to produce enough power for 56,000 households. The 150-MW Copper Mountain Solar 2 is half complete -- the 92-MW phase I is generating power, while phase II is expected to be up and ready to run in 2015. It is expected to produce as much power as 45,000 US households consume.
Consolidated Edison Development is a unit of US energy group Consolidated Edison Inc (NYSE:ED).