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.

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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