A new solar powered #2 rises, and it looks to keep growing

Con Edison states that it has become the number two solar power generator in North America with the finalization of its Sempra purchase which included 980 MWac of operating solar.

December 14, 2018 John Fitzgerald Weaver

NREL - Hit me with your Sunshot

Big players are making moves because they see a growing market. Companies, portfolios and pipelines are being acquired and and partnerships are forming – while talent is being scouted. And as the bankers gain comfort, the capital flows to manufacturing expansions and to project construction. And it’s just getting started.

Consolidated Edison (Con Edison) announced today that its subsidiary has completed its previously announced purchase of a Sempra Energy subsidiary that owns 980 MWac of operating solar projects and certain development rights for additional solar electric production and energy storage projects. The acquisition brings the Con Edison Clean Energy Businesses portfolio of renewable assets to 2.6 GWac in 17 states, with 2.2 GW of that being solar power assets.

The transaction will book a cost of $2.1 billion, including the assumption of $576 million in existing project debt, plus a purchase price of $1.54 billion.

The transaction (below image) included: Mesquite Solar 2 and 3 in Arizona; Copper Mountain Solar 1 and 4 in Nevada, Great Valley Solar in California, and solar and battery storage development projects. Additionally, Con Edison also acquired Sempra Energy’s interest in the jointly owned facilities including: Mesquite Solar 1, Copper Mountain Solar 2 and 3, the Alpaugh, Corcoran and White River solar facilities in California and the Broken Bow II wind facility in Nebraska.

For Sempra Energy, this represented an exit from the renewables business as the company dealt with activist investors who forced a strategic review earlier in 2018.

Con Edison is continuing is acquisitions as well. pv magazine as been told that developers and asset owners are being contacted by Con Edison team members.

The most recent list available of North American solar portfolios put out Solarplaza, listed Sempra at #6 and Con Edison at #11. Combined, their operating assets would be number one on this list at just over 2.5 GWdc worth of projects.

Rank	Name	Role	Capacity 2018 (MW)	City	State	Country
1	Duke Energy	Utility	2,500.00	Charlotte	North Carolina	US
2	NextEra Energy Resources	IPP	2,140.50	Juno Beach	Florida	US
3	Cypress Creek Renewables	IPP	2,041.50	Durham	North Carolina	US
4	EDF Renewable Energy	IPP	1,673.53	San Diego	California	US
5	Dominion Energy	Utility	1,588.00	Richmond	Virginia	US
6	Sempra Renewables Services	IPP	1,522.00	San Diego	California	US
7	Capital Dynamics	Investor	1,500.00	New York	New York	US
8	Southern Power	IPP	1,230.00	Atlanta	Georgia	US
9	sPower	IPP	1,092.80	Salt Lake City	Utah	US
10	Clearway Energy Inc	IPP	1,072.00	New Jersey	New Jersey	US
11	Con Edison Development	IPP	1,042.50	Valhalla	New York	US
12	Sunrun	IPP	1,000.00	San Francisco	California	US
13	Vivint Solar	IPP	1,000.00	Lehi	Utah	US
14	Georgia Power	Utility	970.00	Atlanta	Georgia	US
15	TerraForm Power	YieldCo	968.00	Juno Beach	Florida	US
16	Florida Power & Light Company	Utility	930.00	Juno Beach	Florida	US
17	Strata Solar	IPP	800.00	Chapel Hill	North Carolina	US
18	Austin Energy	Utility	780.00	Austin	Texas	US
19	Appalachian Power (AEP)	Utility	680.00	Columbus	Ohio	US
20	Invenergy LLC	IPP	673.60	Chicago	Illinois	US

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