Sempra U.S. Gas & Power and Consolidated Edison Development Partner in Additional Solar Projects
Sempra U.S. Gas & Power and Consolidated Edison Development (ConEdison Development) announced agreements to partner in five solar projects in Nevada and California.
The projects include Sempra U.S. Gas & Power's 250-megawatt (MW) Copper Mountain Solar 3 project near Las Vegas, and Consolidated Edison Development's CED California Holdings, LLC portfolio: the 50-MW Alpaugh 50, 20-MW Alpaugh North and 20-MW White River 1 facilities in Tulare County, and the 20-MW Corcoran 1 facility in Kings County. The renewable power from all of the projects has been sold under long-term contracts.
Upon finalization of the agreements, Sempra U.S. Gas & Power and Consolidated Edison Development holding companies will each own a 50-percent interest in the five solar facilities. The agreement relative to the CED California Holdings, LLC projects is subject to regulatory approvals which are expected during the second quarter of 2014.
"We are pleased to partner with Consolidated Edison Development on Sempra U.S. Gas & Power's largest solar project to date as we continue to execute on our strategy to deconsolidate debt and re-invest proceeds in near-term growth opportunities," said Kevin C. Sagara, vice president of renewables for Sempra U.S. Gas & Power. "This strategy allows us to continue to diversify our renewables portfolio, supporting our commitment to develop and invest in clean, forward-thinking energy solutions."
"Over the past year, ConEdison Development has established a good working relationship with Sempra U.S. Gas & Power," said Mark Noyes, vice president of ConEdison Development. "As renewable power sources assume an ever-greater role in America's energy landscape, we are seeing first-hand the advantages of cooperating to deliver and operate large, viable and reliable projects. We are confident that this strategic approach to development of significant projects will benefit both parties, as well as the nation as a whole."
CED California Holdings, LLC facilities have been operational since 2012, and are operated and maintained by Consolidated Edison Development. Copper Mountain Solar 3 is currently under construction and, when completed, will be among the largest photovoltaic solar plants in the U.S., creating about 300 construction jobs at peak and 10 positions to operate the facility. Completion of the first 125 MW is expected by year-end 2014, with the remaining 125 MW slated for completion in 2015. Sempra U.S. Gas & Power will provide operations and maintenance services when the facility is operational.
Last year, the companies announced an agreement to partner in the 150-MW Copper Mountain Solar 2 plant near Las Vegas, along with the 150-MW Mesquite Solar 1 plant near Phoenix.
The terms of the agreement were not disclosed.
About Consolidated Edison Development
Con Edison Development ("CED") develops, owns and operates renewable and energy infrastructure projects. The company is one of the largest owners and operators of solar projects in North America. CED is an unregulated subsidiary of Consolidated Edison, Inc. [NYSE: ED], the nation's oldest and one of the largest investor-owned energy companies.
CED is focusing on renewable energy and gas assets as part of an overall corporate goal of responsible environmental stewardship. Through its deep resources and trusted relationships with a range of energy-related companies, CED has successfully developed, and owns and operates close to 400 MW of solar across California, Arizona, Nevada, New Jersey, Massachusetts, Pennsylvania and Rhode Island.
Con Edison Development is a subsidiary of Consolidated Edison, Inc. (NYSE: ED), one of the nation's largest investor-owned energy companies, with approximately $12 billion in annual revenues and $42 billion in assets. More information can be obtained by calling 914-993-2185. You can also visit the Consolidated Edison, Inc. website at www.conedison.com.
About Sempra U.S. Gas & Power
Sempra U.S. Gas & Power, LLC is a leading developer of renewable energy and natural gas solutions with power plants that generate enough electricity for more than 1 million homes. Sempra U.S. Gas & Power companies also operate natural gas storage facilities, pipelines and distribution utilities. The company is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company with 2013 revenues of more than $10.5 billion. The Sempra Energy companies' 17,000 employees serve more than 31 million consumers worldwide. For more information, visit www.SempraUSGP.com.
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Sempra International, LLC, and Sempra U.S. Gas & Power, LLC, are not the same companies as the California utilities San Diego Gas & Electric (SDG&E) or Southern California Gas Company (SoCalGas) and Sempra International, LLC and Sempra U.S. Gas & Power, LLC are not regulated by the California Public Utilities Commission. Sempra International's underlying entities include Sempra Mexico and Sempra South American Utilities. Sempra U.S. Gas & Power's underlying entities include Sempra Renewables and Sempra Natural Gas.
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