EDF Renewable Energy closes financing on Catalina Solar project

Thursday, Jan 03, 2013

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.

“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”

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.

Source: Business Wire