From: pv-magazine USA
Big players are making moves because they see a growing market. Companies, portfolios and pipelines are being acquired and and partnerships are forming – while talent is being scouted. And as the bankers gain comfort, the capital flows to manufacturing expansions and to project construction. And it’s just getting started.
Consolidated Edison (Con Edison) announced today that its subsidiary has completed its previously announced purchase of a Sempra Energy subsidiary that owns 980 MWac of operating solar projects and certain development rights for additional solar electric production and energy storage projects. The acquisition brings the Con Edison Clean Energy Businesses portfolio of renewable assets to 2.6 GWac in 17 states, with 2.2 GW of that being solar power assets.
The transaction will book a cost of $2.1 billion, including the assumption of $576 million in existing project debt, plus a purchase price of $1.54 billion.
The transaction (below image) included: Mesquite Solar 2 and 3 in Arizona; Copper Mountain Solar 1 and 4 in Nevada, Great Valley Solar in California, and solar and battery storage development projects. Additionally, Con Edison also acquired Sempra Energy’s interest in the jointly owned facilities including: Mesquite Solar 1, Copper Mountain Solar 2 and 3, the Alpaugh, Corcoran and White River solar facilities in California and the Broken Bow II wind facility in Nebraska.
For Sempra Energy, this represented an exit from the renewables business as the company dealt with activist investors who forced a strategic review earlier in 2018.
Con Edison is continuing is acquisitions as well. pv magazine as been told that developers and asset owners are being contacted by Con Edison team members.
The most recent list available of solar assets managers put out by Wood Mackenzie Renewables & Power listed Con Edison at #7 and Sempra at #14. Combined, their operating assets would be number one on this list at just over 1.7 GWac worth of projects
Source: pv magazine