EDF Renewable Energy announced that TIAA-CREF, a financial services provider, will acquire 50% of EDF Renewable Energy’s equity interest in the 143 MW peak (110 MWac) Catalina Solar project, subject to customary closing conditions.
EDF Renewable Energy will retain the remaining 50% stake in the project and continue to provide operations and maintenance services through its EDF Renewable Services affiliate.
Located in California’s Mojave Desert, Catalina Solar is comprised of 82 MWp Solar Frontier and 61 MWp First Solar thin film photovoltaic modules generating electricity to serve approximately 35,000 homes. The project’s clean energy is provided to San Diego Gas & Electric Company (SDG&E) under a 25-year Power Purchase Agreement.
Catalina Solar represents EDF Renewable Energy’s largest utility-scale photovoltaic project and the 6th largest PV plant in the United States.
“We are very happy to team up with a strong long-term partner like TIAA-CREF,” said Raphael Declercq, EDF Renewable Energy’s Director of Divestiture and Portfolio Management. “This sale illustrates our ability to redeploy capital to fund future development while staying deeply involved in existing projects."
“Investing in operational solar energy developments alongside experienced developers and operators is a key part of our natural resources and infrastructure investment strategy,” said Lisa Ferraro, Managing Director and Head of Energy & Infrastructure Portfolio Management for TIAA-CREF.
TIAA-CREF is a national financial services organization with approximately $569 billion in assets under management (as of 3/31/14) and is a provider of retirement services in the academic, research, medical and cultural fields.