+44 (0)24 7671 8970
More publications     •     Advertise with us     •     Contact us
 
Loading...
{megaLeaderboard}
{normalLeaderboard}
News Article

EDF Closes Financing on Catalina Solar Project

News


EDF Renewable Energy, formerly enXco, has announced that it has completed financing on the 143 MWp Catalina Solar project in California's Mojave Desert. Majority interest in the project was acquired by a group of investors comprising GE unit GE Energy Financial Services, Metropolitan Life Insurance Company, a wholly owned subsidiary of MetLife, Inc., Union Bank, N.A., and Citi.

Located on 1,100 acres of privately owned land southwest of the Tehachapi and Piute mountains, the thin film photovoltaic panel project, under construction since May, began ramping up operation last month and will reach full capacity during the second quarter of this year. The project's clean energy, provided to San Diego Gas & Electric Company, will power the equivalent of 35,000 homes annually. 

GE Energy Financial Services, MetLife, Union Bank and Citi have acquired their majority ownership stake in the project from EDF Renewable Energy. 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 project is estimated to offset 250,000 metric tons of greenhouse gas emissions every year, which is the equivalent of the emissions from 49,000 cars.  It further helps SDG&E to achieve California's Renewable Portfolio Standard (RPS) goal of sourcing 33 percent 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, formerly enXco Service Corporation, will provide operations and maintenance service.

"We appreciate the new investment with our partners in Catalina. It underscores solar power's ability to provide clean, abundant and affordable power, while creating economic benefits," said Michael Wheeler, Director of Project Finance at EDF Renewable Energy. The Solar Energy Industries Association estimates that the US solar energy industry employs more than 119,000 workers at 5,600 companies across all 50 states.

Schletter Group: 48 MWp Project in Italy
ENCAVIS Acquires Two More Solar Parks In Spain and Surpasses The Planned Expansion
Maximum profitability with KACO advanced technology for complex solar roofs
Enviromena wins contract to re-power three major solar farms ahead of the summer energy peak
New Swansea University Collaboration to Support Sustainable, Locally Manufactured Solar PV
New Swansea University Collaboration to Support Sustainable, Locally Manufactured Solar PV
Next2Sun Builds World's Largest Vertical PV Plant at Frankfurt Airport
DNV Publishes Bankability Study of Solcast Satellite Irradiance Data
Steel company SSAB switches to fossil-free energy in Italy with PV solution from Solnet
janom Investments enters the Croatian solar energy industry by investing in a 30 MW power plant project
Trina Solar Vertex S+ 505W n-type dual-glass modules enter mass production
BayWa r.e. and 3E sign partnership agreement for monitoring & analytics of global PV portfolio
Accelerating Spain's Energy Transformation: LONGi to supply Naturgy with 1 million modules in new deal
NTR announces corporate PPA with Almac Group to buy energy from Murley Wind Farm, Northern Ireland
Oxford PV sets new solar panel efficiency world record
Order Intake for the Construction of Wind Turbines in Turkey
Trilantic Europe acquires stake in AEROCOMPACT Group
Octopus Energy makes solar farm debut in Germany
Austria-based KOGA Energy, a solar EPC solutions provider, has kicked off.
Exus to acquire 625MW New Mexico solar portfolio
Capcora Accompanies SUSI Partners In Raising Senior Debt For a Polish Renewables Portfolio
Qualitas Energy acquires a 96 MW wind energy project pipeline in Germany
Nordex Group receives orders from the UK for approx. 150 MW
Trina Solar gains EPD certification from UL Solutions and EPDItaly for industry leading modules
Mandarin Oriental Hyde Park, London instals innovative solar tech to decarbonise heating
Efficiency First: The Road to Electrification
SCHLETTER Supplies Austria's Largest PV Roof System
E.ON partners with UK renewable heat innovator Naked Energy
Sonnedix signs innovative EUR500 million loan facility to finance construction of its renewable electricity pipeline in Europe and UK
Construction begins on Glennmont and Ørsted’s Borkum Riffgrund 3 offshore wind farm in Germany
ABB shores up reliable power supply at Southeast Asia’s largest floating solar plant
Sonnedix starts construction of 300MW UK solar PV portfolio

×
Search the news archive

To close this popup you can press escape or click the close icon.
Logo
×
Logo
×
Register - Step 1

You may choose to subscribe to the Solar + Power Magazine, the Solar + Power Newsletter, or both. You may also request additional information if required, before submitting your application.


Please subscribe me to:

 

You chose the industry type of "Other"

Please enter the industry that you work in:
Please enter the industry that you work in: