Sempra U.S. Gas & Power and Consolidated Edison Development (ConEdison Development) have become equal stake holders in two of Sempra U.S. Gas & Power’s solar power facilities, the 150MW Copper Mountain Solar 2 plant near Las Vegas and the 150MW Mesquite Solar 1 plant near Phoenix.
According to the terms of the joint venture agreements, which were announced in May 2013, each company will own a 50% stake in each of the solar facilities. The terms of the transaction were not revealed.
Mesquite Solar 1 is the first phase of Sempra U.S. Gas & Power’s Mesquite Solar complex located in Arlington, Arizona. The facility, which was completed in late 2012, generates enough clean energy to power about 56,000 homes. The power generated from the facility has been fully sold to Pacific Gas & Electric under a 20-year agreement.
The first phase of Copper Mountain Solar 2 is complete and is currently generating 92MW of solar power. Once the second phase is fully constructed, which is expected in 2015, the total operating capacity of the project will be 150MW. The solar plant generates enough clean energy to power about 45,000 homes. The power generated from the facility has been fully sold to Pacific Gas & Electric under a 25-year agreement.
Sempra U.S. Gas & Power vice president of renewables Kevin Sagara said, "Copper Mountain Solar 2 and Mesquite Solar 1 are among the largest photovoltaic solar plants in the US, and we are pleased to partner with ConEdison Development in the ownership of both these plants."
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By GlobalDataConEdison Development vice president Mark Noyes said, "To succeed in the world of solar development, it is essential to build relationships with the right partners and to invest in the right projects.
"That is precisely what is happening here. We are delighted to be working together with Sempra U.S. Gas & Power, a company that is highly regarded as one of America’s foremost solar developers. These two projects are both first-rate facilities with solid, long-term agreements," added Noyes.
