The San Diego-based power producer EDF Renewable Energy, formerly enXco, has completed financing on a think film photovoltaic project in California’s Mojave Desert. Majority interest in the project was acquired by a group of investors comprising GE Energy Financial Services, Metropolitan Life Insurance Company, Union Bank, and Citi.
EDF Renewable Energy, formerly enXco, announced today that it completed financing on the 143 MWp Catalina Solar project in California’s Mojave Desert. Majority interest in the project was acquired by a group of investors comprising GE (NYSE: GE) unit GE Energy Financial Services, Metropolitan Life Insurance Company, a wholly owned subsidiary of MetLife, Inc. (NYSE: MET), Union Bank, N.A., and Citi.
Located on 1,100 acres of privately owned land southwest of the Tehachapi and Piute mountains, the thin film photovoltaic panel project, under construction since May, began ramping up operation last month and will reach full capacity during the second quarter of this year. The project’s clean energy, provided to San Diego Gas & Electric Company, will power the equivalent of 35,000 homes annually.
GE Energy Financial Services, MetLife, Union Bank and Citi have acquired their majority ownership stake in the project from EDF Renewable Energy. The investment group intends to acquire the remaining stake upon completion of the project and convert to a single investor lease. Additional details of the transaction were not disclosed.
The project is estimated to offset 250,000 metric tons of greenhouse gas emissions every year, which is the equivalent of the emissions from 49,000 cars. It further helps SDG&E to achieve California’s Renewable Portfolio Standard (RPS) goal of sourcing 33 percent of retail electricity from renewable energy resources by 2020. Additional project benefits include jobs, with up to 500 workers on site during construction. EDF Renewable Services, formerly enXco Service Corporation, will provide operations and maintenance service.
“We appreciate the new investment with our partners in Catalina. It underscores solar power’s ability to provide clean, abundant and affordable power, while creating economic benefits,” said Michael Wheeler, Director of Project Finance at EDF Renewable Energy. The Solar Energy Industries Association estimates that the US solar energy industry employs more than 119,000 workers at 5,600 companies across all 50 states.
EDF Renewable Energy is one of the largest renewable energy developers in California and the nation. Catalina Solar represents EDF Renewable Energy’s 22nd renewable energy project in California generating a combined 730 MW of clean energy for the state.
About EDF Renewable Energy:
EDF Renewable Energy – formerly enXco – is a leading U.S. independent power producer with more than 25 years of expertise in the renewable industry, covering all range of services from project development and management to operations and maintenance. EDF Renewable Energy specializes in wind and solar photovoltaic with presence in other segments of the renewable energy market: biogas, biomass, hydro, marine energy and storage solutions. The company develops, constructs, operates and manages renewable energy projects throughout the United States for its own accord as well as for third parties. EDF Renewable Energy’s portfolio consists of over 3.5 gigawatts of developed projects with 1.8 gigawatts of installed capacity. EDF Renewable Energy is the U.S. subsidiary of EDF Energies Nouvelles. EDF Energies Nouvelles is the renewable energy arm of the EDF group, the leading electricity company in the world. For more information visit: www.edf-re.com
About EDF Renewable Services:
EDF Renewable Services – formerly enXco Service Corporation – is the leading third-party provider of operations and maintenance services in North America. With 25 years of experience, EDF Renewable Services understands renewable energy facilities represent a substantial investment. The company takes an owner-operator approach to ensure maximum returns on the asset, full project value, and ongoing profitability for new and existing facilities. As part of a global organization with utility-scale wind and solar plants, the company brings depth of experience to every project. With more than 6 gigawatts of wind and solar under contract, EDF Renewable Services is the trusted leader in O&M. For more information visit: www.edf-renewable-services.comGet your FREE trial or subscribe now to Buyouts to find new deal opportunities, super-charge your fundraising efforts and track top managers.