SAN DIEGO, (May 19, 2014):EDF Renewables today announced that TIAA-CREF, a leading financial services provider, will acquire 50 percent of EDF Renewables’ equity interest in the 143 megawatt (MW) peak (110 MWac) Catalina Solar project, subject to customary closing conditions.
EDF Renewables will retain the remaining 50 percent stake in the project and continue to provide operations and maintenance services through its EDF Renewables 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 Renewables’ largest utility-scale photovoltaic project and the 6th largest photovoltaic 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 Renewables’ 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. This is an important aspect of our business model that allows us to further our ambition as a world-class renewable project developer.”
“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.
“These investments are a good fit for our long-term investment approach and meet a growing need for environmentally friendly energy sources,” said Mario Maselli, Director, Energy & Infrastructure Investments for TIAA-CREF.
TIAA-CREF (www.tiaa-cref.org) is a national financial services organization with approximately $569 billion in assets under management (as of 3/31/14) and is the leading provider of retirement services in the academic, research, medical and cultural fields.