The Mojave Desert in California is home to the Catalina Solar Project, a utility scale PV plant that is the sixth largest in the United States. The project’s developer, EDF Renewable Energy announced today that it has sold a 50 percent interest in the plant to the financial services provider TIAA-CREF.
EDF Renewable Energy plans to retain the remaining 50 percent stake in the project and will also provide operations and maintenance services through its affiliate , EDF Renewable Services.
The Catalina Solar project is comprised of 82 MWp Solar Frontier and 61 MWp First Solar thin film photovoltaic modules generating electricity to serve approximately 35,000 homes. The project will sell it’s electricity to San Diego Gas & Electric Company (SDG&E) under a 25-year Power Purchase Agreement.
Both parties view the deal as an important piece to their business and investment plans:
“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.”
“Investing in operational solar energy developments alongside experienced developers and operators is a key part of our natural resources and infrastructure investment strategy,” said Lisa Ferraro, Managing Director and Head of Energy & Infrastructure Portfolio Management for TIAA-CREF.
This deal proves that utility scale solar projects in the U.S. are considered good investments by the financial community, something that is crucial if more large scale projects are to be built.
Tracey is an accountant and entrepreneur with a passion for nature. This passion is what spurred her interest in renewable energy, and the rest is history as they say. Tracey is a principal in Energy Think Group, the publisher of Solar Thermal Magazine and Tek-Think. She is also the principal at Women's Financial Help Desk. She spends her free time in the outdoors with her horses and dogs. She loves to travel.