GE Energy Financial Services along with Citi, Union Bank and Metropolitan Life Insurance, has completed an equity investment in Catalina Solar power plant in Rosamond, California, US.
Located on 1,100 acres of Mojave Desert land southwest of the Tehachapi Mountains, the 143MW plant features 1.1 million thin-film PV solar modules from First Solar and Solar Frontier.
The investment group has initially purchased a minority stake in the project from EDF Renewable Energy in December 2012 after the completion of the first phase.
The group has acquired the remaining stake and converted the entire structure to a single investor lease after completion of the project in August 2013.
The details of the transaction, which contributes to GE Energy Financial Services’ 1GW, $1.5bn solar investment commitments, were not disclosed.
GE Energy Financial Services power and renewable energy managing director Kevin Walsh 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."
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By GlobalDataSan Diego Gas & Electric will purchase the output from the plant, which will generate enough electricity for around 35,000 homes annually in the region, and reduce about 250,000 metric tonnes of greenhouse gas emissions.
EDF Renewable Services is responsible for providing operations and maintenance services for the project.
