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

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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 AlpaughCorcoran 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.

RankNameRoleCapacity 2018 (MW)CityStateCountry
1Duke EnergyUtility2,500.00CharlotteNorth CarolinaUS
2NextEra Energy ResourcesIPP2,140.50Juno BeachFloridaUS
3Cypress Creek RenewablesIPP2,041.50DurhamNorth CarolinaUS
4EDF Renewable EnergyIPP1,673.53San DiegoCaliforniaUS
5Dominion EnergyUtility1,588.00RichmondVirginiaUS
6Sempra Renewables ServicesIPP1,522.00San DiegoCaliforniaUS
7Capital DynamicsInvestor1,500.00New YorkNew YorkUS
8Southern PowerIPP1,230.00AtlantaGeorgiaUS
9sPowerIPP1,092.80Salt Lake CityUtahUS
10Clearway Energy IncIPP1,072.00New JerseyNew JerseyUS
11Con Edison DevelopmentIPP1,042.50ValhallaNew YorkUS
12SunrunIPP1,000.00San FranciscoCaliforniaUS
13Vivint SolarIPP1,000.00LehiUtahUS
14Georgia PowerUtility970.00AtlantaGeorgiaUS
15TerraForm PowerYieldCo968.00Juno BeachFloridaUS
16Florida Power & Light CompanyUtility930.00Juno BeachFloridaUS
17Strata SolarIPP800.00Chapel HillNorth CarolinaUS
18Austin EnergyUtility780.00AustinTexasUS
19Appalachian Power (AEP)Utility680.00ColumbusOhioUS
20Invenergy LLCIPP673.60ChicagoIllinoisUS