Con Edison Development has acquired six solar projects totaling 140 megawatts in California from a PV project portfolio developed by SolarReserve and GCL Solar Energy.
Financial details were not disclosed. Con Edison Development, a subsidiary of Consolidated Edison Inc., classified the projects as “shovel-ready” or ready to start construction.
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 US. SolarReserve is a leading global developer of utility-scale solar power projects and advanced solar thermal technology. GCL Solar Energy is the US solar development unit of China’s GCL-Poly Energy Holdings, a 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, SVP and COO of Con Edison Development. “Moreover, these transactions help us build upon our long-standing record of responsible environmental stewardship in locations across the country.”
Ranging in size from 20MW to25MW, the projects are located in Tulare, Kings and Fresno counties and have the capacity to power approximately 25,000 homes. The projects are all fully permitted, with interconnection agreements in place. Power-purchase agreements have been secured with Southern California Edison for four of the projects and with Pacific Gas & Electric for the remaining two.