Dive Summary:
- Consolidated Edison Development and Sempra U.S. Gas & Power will partner to develop two Sempra solar power plants-- the 150 MW Copper Mountain Solar 2 plant near Las Vegas and the 150 MW Mesquite Solar 1 power plant near Phoenix.
- "This strategic partnership bolsters Sempra U.S. Gas & Power's ongoing plan to improve its financial returns, deconsolidate debt and redeploy the proceeds from the transaction into new renewable growth projects," explains Kevin C. Sagara, Sempra’s vice president of renewables and corporate development.
- PG&E is also buying Copper Mountain’s output under a 20-year agreement.
From the article:
"In September 2011, the U.S. Department of Energy’s (DOE) Loan Program Office awarded Mesquite Solar 1 a $337 million loan guarantee to build the plant. The agreement is subject to approvals from the DOE and regulatory agencies. Those approvals are anticipated in the second half of this year, and terms of the sale were not disclosed."