The majority interest in the Catalina Solar Project by EDF Renewable Energy has been acquired by GE Energy Financial Services, MetLife, Union Bank and Citi.
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 143MWp thin-film PV project in California’s Mojave Desert ramped up operation last month and is located on 1,100 acres of privately owned land southwest of the Tehachapi and Piute mountains.
The project is expected to reach full capacity during the second quarter of this year and the energy provided to San Diego Gas & Electric Company to power the equivalent of 35,000 homes annually.
The project is estimated to offset 250,000 metric tons of greenhouse gas emissions every year, which is the equivalent to the emissions from 49,000 cars. It further helps SDG&E to achieve California’s Renewable Portfolio Standard goal of sourcing 33% 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 will provide operations and maintenance service.