EDF to Sell CID Solar ProjectSunday, June 22, 2014
San Diego-based EDF Renewable Energy agreed to sell the CID Solar Project to Dominion Exploration & Production.
The asset sale agreement will close upon completion of project installation, after which EDF will manage the commissioning and place the facility in service, according to the company.
CID Solar Project, located on 200 acres of private land in eastern Kings County, two miles north of the of Corcoran, was developed by EDF and is designed as a 27 megawatt-peak facility. Construction began in June and is expected to be completed in the fall of this year, EDF said.
According to EDF, the project has a 20-year purchase agreement with Pacific Gas & Electric Co.
“The acquisition agreement was collaboratively structured in order to allow EDF to execute on its expertise as a project developer and construction manager while meeting the goals of our customer to grow their renewable energy asset portfolio,” said Raphael Declercq, EDF’s director of divestiture and portfolio management.
EDF Renewable Energy is an independent power producer with more than 25 years in the renewable industry, covering all range of services from project development, management to operations and maintenance.
Dominion (Nyse: D) is one of the nation’s largest producers and transporters of energy.