Consolidated Edison Development has acquired a 50% interest in two large-scale solar power plants in the US owned by utility firm Sempra US Gas & Power.
Under the terms of the contract, ConEdison Development and Sempra US Gas & Power will each own a 50% stake in the 150MW Copper Mountain Solar 2 plant located in Boulder City, Nevada, and the 150MW Mesquite Solar 1 power plant in Arlington, Arizona.
"This strategic partnership bolsters Sempra US Gas & Power's ongoing plan to improve its financial returns, deconsolidate debt and redeploy the proceeds from the transaction into new renewable growth projects," said Kevin C. Sagara, vice president of renewables and corporate development for Sempra US Gas & Power.
Mark Noyes, vice president of ConEdison Development added: "This transaction provides ConEdison Development with the opportunity to work with an outstanding partner while we expand our presence throughout the United States. We are partnering in two strategic renewable assets, both with strong project fundamentals, and advancing our commitment to growth in the renewable energy marketplace."
The first phase of Copper Mountain Solar 2 is complete and has an operational capacity of 92MW. The second phase, which is scheduled to complete in 2015, will add a further 58MW, bringing the total capacity to 150MW. Electricity generated by the facility will be sold to Sempra US Gas & Power under a 25-year power purchase agreement.
The Mesquite Solar 1 project, meanwhile, is expected to become one of the largest solar power projects in the US. At present, the project has an operational capacity of 150MW but has the potential to accommodate up to 700MW. It became operational in December 2012 and it now generates enough electricity to power about 56,000 homes. All output is sold to Sempra US Gas & Power under a 20-year power purchase agreement.
Sempra US Gas & Power will continue to provide operations and maintenance services to both plants.