Boston, MA 12/13/2013 (wallstreetpr) – General Electric Company (NYSE:GE) has completed an equity investment in one of the largest photovoltaic plants of the world, Catalina Solar,a plant of EDF Renewable Energy along with Union Bank, N.A., Citi and Metropolitan Life Insurance Company. This solar plant is located on 1,100 acres of windy and sunny Mojave Desert land that is to the southwest of the Tehachapi Mountains in California.
Contribution to The Company
This deal is contributing $1.5 billion in solar investment commitments, one Giga Watt power, which is involving about 50 installations to General Electric Energy Financial Services.
Details
In late 2012, a minority ownership stake was initially acquired by the investment group in the 143-megawatt project, prior to the first 60 MWp, from EDF Renewable Energy. After the construction was completed and the commercial operations were achieved in August, the remaining stake was purchased by the group and was converted into single investor lease. Financial details of the deal have not been revealed.
About Catalina Solar
Catalina Solar comprises of over 1.1 million thin-film photovoltaic solar modules from Solar Frontier and First Solar. The clean energy part of the project is provided to San Diego Gas & Electric Company (NYSEMKT:SDO-H.CL), which is estimated to power 35,000 homes annually and is going to improve the overall quality of air, offset 2.5 lakh metric tons of greenhouse gas emissions and will contribute to Renewable Portfolio Standards of California.
Words of Kevin Walsh
The head of Power and Renewable Energy and Manager Director of GE Energy Financial Services, Kevin Walsh, said that EDF Renewable Energy has always proved that it is an excellent partner with Catalina Solar and other projects that they have done together. He said that it is a partnership that commits to deliver productive, reliable and economic renewable energy projects.
About GE Energy Financial Services
General Electric Company (NYSE:GE) helps in meeting the fuel and power needs of the world.
