EDF Renewables has sold 50% of its remaining stake in the 143MW Catalina PV project in California to financial services firm TIAA-CREF.
EDF will retain responsibility for operations and maintenance through its services affiliate.
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“We are very happy to team up with a strong long-term partner like TIAA-CREF,” said Raphael Declercq, EDF Renewable Energy’s director of divestiture and portfolio management. “This sale illustrates our ability to redeploy capital to fund future development while staying deeply involved in existing projects. This is an important aspect of our business model that allows us to further our ambition as a world-class renewable project developer,” added Declercq.
The thin-film project uses 61MW of First Solar modules and 82MW of Solar Frontier panels.
“These investments are a good fit for our long-term investment approach and meet a growing need for environmentally friendly energy sources,” said Mario Maselli, director, energy and infrastructure investments, TIAA-CREF.
In December 2013, GE Energy Financial Services took a stake in the plant in the Mojave Desert, California.
According to EDF, Catalina is currently the sixth largest PV plant in the US.
