General Electric’s (NYSE: GE) GE Energy Financial Services unit – along with Citi, Union Bank N.A. and Metropolitan Life Insurance – has completed an equity investment in EDF Renewable Energy’s Catalina Solar plant.
This is one of the world’s largest photovoltaic facilities, located on 1,100 acres of sunny and windy Mojave Desert land southwest of the Tehachapi Mountains in Rosamond, Calif., General Electric noted in a Dec. 11 announcement. This transaction contributes to GE Energy Financial Services’ 1 GW, $1.5bn in solar investment commitments, comprising over 50 installations.
The investment group initially acquired a minority ownership stake in the 143-MW 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 energy is provided to San Diego Gas & Electric.
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.”