June 19, 2014
EDF Renewable Energy (EDF RE) announced that Dominion (NYSE: D) will acquire the CID Solar Project. The asset sale agreement will close upon completion of installation, after which EDF RE will manage the commissioning and place the project in service.
CID Solar Project, located on 200 acres of private land in eastern Kings County, approximately two miles north of the City of Corcoran, California, was developed by EDF RE and is designed as a 27 megawatt peak (MWp) / 20 MWac ground-mount facility comprised of First Solar Series 3 solar photovoltaic modules with horizontal single-axis trackers. Construction commenced on June 12, 2014 with an anticipated date of operation in the Fall, 2014.
The project's clean energy will be delivered to Pacific Gas and Electric Company (PG&E) under a 20-year Power Purchase Agreement (PPA). EDF Renewable Energy and PG&E have a 24-year business relationship whereby 454 megawatts of renewable energy generation is provided to PG&E through nine projects.
'We are pleased to introduce Dominion to our asset sale activity and help diversify their generating portfolio with solar energy,' said Raphael Declercq, EDF Renewable Energy's Director of Divestiture and Portfolio Management. 'The acquisition agreement was collaboratively structured in order to allow EDF RE to execute on its expertise as a project developer and construction manager while meeting the goals of our customer to grow their renewable energy asset portfolio.'
EDF Renewable Energy is one of the largest renewable energy developers in North America with 5.7 gigawatts of wind, solar, biomass, and biogas projects in the project development portfolio.
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 23,600 megawatts of generation, 10,900 miles of natural gas transmission, gathering and storage pipeline, and 6,400 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems with 947 billion cubic feet of storage capacity and serves utility and retail energy customers in 15 states. For more information about Dominion, visit www.dom.com.
About EDF Renewable Energy
EDF Renewable Energy is a leading U.S. independent power producer with more than 25 years of expertise in the renewable industry, covering all range of services from project development, management to operations and maintenance. EDF Renewable Energy specializes in wind and solar photovoltaic with presence in other segments of the renewable energy market: biogas, biomass, hydro, marine energy and storage solutions. The company develops, constructs, operates and manages renewable energy projects throughout the United States for its own accord as well as for third parties. EDF Renewable Energy's North American portfolio consists of 5.7 gigawatts of developed projects with 2.6 gigawatts of installed capacity. EDF Renewable Energy is the U.S. subsidiary of EDF Energies Nouvelles. EDF Energies Nouvelles is the renewable energy arm of the EDF group, the leading electricity company in the world.
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