San Diego Business Journal

EDF Completes Financing on Solar Power Plant

Friday, January 4, 2013

San Diego-based EDF Renewable Energy Inc., which was previously known as enXco, said recently that it completed financing on its 143 megawatt Catalina Solar project in the Mojave Desert. It will provide clean energy to San Diego Gas & Electric Co. and power about 35,000 homes annually.

A majority stake was acquired by General Electric Co., MetLife Inc., Union Bank N.A. and Citigroup Inc. The investors intend to acquire the rest after the project is completed and converted to a single investor lease, EDF said in a statement that didn’t disclose the transaction details.

The thin film photovoltaic project, under construction since May, began ramping up operation last month and will reach full capacity during the second quarter.

EDF, the U.S. subsidiary of French utility company Electricite de France SA, also completed tax equity financing with Bank of America Merrill Lynch on Dec. 21 for its 100.8-megawatt Spearville 3 Wind Project in Kansas. It generates enough electricity to supply about 40,000 homes with renewable energy.

— SDBJ Staff Report