The projects include Sempra U.S. Gas & Power's 250- MW Copper Mountain Solar 3 project near Las Vegas, and ConEdison Development's CED California Holdings, LLC portfolio: the 50-MW Alpaugh 50, 20-MW Alpaugh North and 20-MW White River 1 facilities in Tulare County, and the 20-MW Corcoran 1 facility in Kings County. The renewable power from all of the projects has been sold under long-term contracts.
Upon finalization of the agreements, Sempra U.S. Gas & Power and ConEdison Development holding companies will each own a 50-percent interest in the five solar facilities. The agreement relative to the CED California Holdings, LLC projects is subject to regulatory approvals which are expected during the second quarter of 2014.
"We are pleased to partner with Consolidated Edison Development on Sempra U.S. Gas & Power's largest solar project to date as we continue to execute on our strategy to deconsolidate debt and re-invest proceeds in near-term growth opportunities," said Kevin C. Sagara, vice president of renewables for Sempra U.S. Gas & Power. "This strategy allows us to continue to diversify our renewables portfolio, supporting our commitment to develop and invest in clean, forward-thinking energy solutions."
"Over the past year, ConEdison Development has established a good working relationship with Sempra U.S. Gas & Power," said Mark Noyes, vice president of ConEdison Development. "As renewable power sources assume an ever-greater role in America's energy landscape, we are seeing first-hand the advantages of cooperating to deliver and operate large, viable and reliable projects. We are confident that this strategic approach to development of significant projects will benefit both parties, as well as the nation as a whole."
CED California Holdings, LLC facilities have been operational since 2012, and are operated and maintained by ConEdison Development. Copper Mountain Solar 3 is currently under construction and, when completed, will be among the largest photovoltaic solar plants in the U.S., creating about 300 construction jobs at peak and 10 positions to operate the facility. Completion of the first 125 MW is expected by year-end 2014, with the remaining 125 MW slated for completion in 2015. Sempra U.S. Gas & Power will provide operations and maintenance services when the facility is operational.
Last year, the companies announced an agreement to partner in the 150-MW Copper Mountain Solar 2 plant near Las Vegas, along with the 150-MW Mesquite Solar 1 plant near Phoenix.
The terms of the agreement were not disclosed.
About Consolidated Edison Development
Con Edison Development ("CED") develops, owns and operates renewable and energy infrastructure projects. It is a subsidiary of Consolidated Edison Inc. (NYSE: ED), one of the nation's largest investor-owned energy companies, with approximately $12 billion in annual revenues and $42 billion in assets
Sempra U.S. Gas & Power, LLC is a leading developer of renewable energy and natural gas solutions with power plants that generate enough electricity for more than 1 million homes.