GE unit (NYSE:GE) GE Energy Financial Services -- along with Citi, Union Bank, N.A. and Metropolitan Life Insurance Company -- has completed an equity investment in EDF Renewable Energy’s Catalina Solar plant, one of the world’s largest photovoltaic plants, located on 1,100 acres of sunny and windy Mojave Desert land southwest of the Tehachapi Mountains in Rosamond, California. This transaction contributes to GE Energy Financial Services’ one–gigawatt, $1.5 billion solar investment commitments, comprising over 50 installations.
The investment group initially acquired a minority ownership stake in the 143-megawatt project from EDF Renewable Energy in late 2012, prior to the first 60 MWp going online. Following construction completion and the achievement of commercial operations in August, the group purchased the remaining stake and converted the entire structure to a single investor lease. EDF Renewable Services is providing long-term operations and maintenance for the project. Financial details of the transactions were not disclosed.
Catalina Solar includes over 1.1 million thin-film PV solar modules from First Solar and Solar Frontier. The project's clean energy, provided to San Diego Gas & Electric Company, is estimated to power the equivalent of 35,000 homes annually and offset 250,000 metric tons of greenhouse gas emissions, improving overall air quality and contributing to California’s Renewable Portfolio Standards.
Kevin Walsh, Manager Director and Head of Power and Renewable Energy at GE Energy Financial Services, said, “EDF Renewable Energy has proven to be an excellent partner on Catalina Solar and other projects we have done together, a partner that shares our commitment to delivering reliable, productive and economic renewable energy projects.”For more details visit: http://www.edf-re.com/projects/detail/catalina_solar_project/ Note to Editors: Photo 1 : Catalina Solar is located on 1,100 acres of Mojave Desert land, southwest of the Tehachapi Mountains in Rosamond, CA Photo 2 : Catalina Solar aerial view About GE Energy Financial Services GE Energy Financial Services—GE’s energy investing business—works as a builder, not just a banker, to help meet the world’s power and fuel needs. We offer more than money—expertise—for essential, long-lived and capital-intensive power, oil and gas infrastructure—GE’s core business. Drawing on GE’s energy technical know-how, financial strength and risk management, we see value where others don’t and take on our customers’ toughest challenges with flexible equity and debt transaction structures. Based in Stamford, Connecticut, GE Energy Financial Services holds approximately $18 billion in assets. More information: www.geenergyfinancialservices.com. Follow GE Energy Financial Services on Twitter: @GEEnergyFinServ About GE GE (NYSE:GE) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance. Building, powering, moving and curing the world. Not just imagining. Doing. GE works. For more information, visit the company's website at www.ge.com.