Con Edison Development, a subsidiary of Consolidated Edison, has acquired six shovel-ready solar photovoltaic (PV) projects totaling 140 MW (dc) from a project portfolio developed through a joint venture between SolarReserve LLC and GCL Solar Energy.
The acquisition adds to Con Edison Development’s existing portfolio of solar projects in California and to its overall renewable energy asset base around the U.S., the parties said in a May 12 announcement. SolarReserve is a leading global developer of utility-scale solar power projects and advanced solar thermal technology. GCL Solar Energy is the U.S. solar development and IPP division of GCL-Poly Energy Holdings Ltd., the world’s largest polysilicon and wafer supplier.
“With the acquisition of these solar projects, Con Edison Development is significantly expanding the role we play in California’s dynamic, renewables sector,” said Mark Noyes, Senior Vice President and Chief Operating Officer of Con Edison Development. “Moreover, these transactions help us build upon our long-standing record of responsible environmental stewardship in locations across the country.”
“We are pleased to continue our efforts to bring affordable clean energy to consumers, as well as deliver highly viable projects from our successful PV development efforts in the US,” said Kevin Smith, SolarReserve’s CEO. “These PV projects developed here in our home state are part of our global large-scale solar project development portfolio of more than 6.6 gigawatts (GW), which includes our advanced solar thermal technology, photovoltaic technology, and combined solutions that can deliver reliable, 24/7 baseload solar power that is cost-competitive with conventional energy sources.”
Ranging in size from 20 MW (dc) to 25 MW (dc), the projects acquired by Con Edison Development are located in Tulare, Kings and Fresno counties. They are all fully permitted, with interconnection agreements in place. Power Purchase Agreements have been secured with Southern California Edison (SCE) for four of the projects and with Pacific Gas & Electric (PG&E) for the other two.
Dr. Fang Peng, President of GCL Solar Energy, said: “GCL is pleased to collaborate with Con Edison Development again, building upon a relationship established in 2012 when GCL developed and sold four central California utility projects to the company.”
SolarReserve, headquartered in Santa Monica, California, is a leading developer of utility-scale solar power projects and advanced solar thermal technology with more than $1.8 billion of projects in construction and operation worldwide. SolarReserve has developed and secured long-term power contracts for 482 MW of solar projects representing $2.8 billion of project capital, and currently has a global development pipeline of 6.6 GW.
SolarReserve’s 110-MW Crescent Dunes Solar Energy Plant located in Nevada is the world’s first utility-scale solar thermal facility to feature advanced molten salt power tower energy storage capabilities. The project, currently in the commissioning phase, is scheduled to commence full operations in mid 2015. The Crescent Dunes project includes 10 hours of full-load energy storage utilizing SolarReserve’s proprietary solar energy storage technology and the project will deliver more than 500,000 megawatt-hours of electricity per year to the Nevada grid.
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 focusing on renewable energy and gas assets as part of an overall corporate goal of responsible environmental stewardship. CED has successfully developed, and owns and operates facilities generating in excess of 550 MW of renewable power across California, Arizona, Nevada, Texas, Nebraska, New Jersey, Massachusetts, Pennsylvania, South Dakota and Rhode Island. It is an unregulated subsidiary of Consolidated Edison (NYSE: ED), the nation’s oldest and one of the largest investor-owned energy companies, with approximately $12 billion in annual revenues and $42 billion in assets.
GCL Solar Energy, based in San Francisco, California, develops, builds, owns, and operates solar photovoltaic power plants. Established in late 2009, the company has developed over 750 MW of utility and distributed generation solar power projects.