Sempra Energy has agreed to sell its U.S. non-utility solar energy generation assets, one wind facility and certain battery storage facilities to Consolidated Edison Inc. for $1.54 billion in cash. The San Diego corporation made the announcement after the market closed on Sept. 20.
The San Diego business said the sale is part of a portfolio-optimization push announced in June. Sempra (NYSE: SRE) is also working with an activist investor group that is urging the company to focus more on its core business.
The sale to Consolidated Edison (NYSE: ED) includes the following facilities: 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, Consolidated Edison will acquire the facilities jointly owned with Sempra Renewables 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.
The sale is expected to close before the end of the year.
Sempra Energy said it intends to sell the rest of its non-utility U.S. wind and certain U.S. midstream natural gas assets.