GE’s (NYSE:GE) Energy Financial Services has teamed up with Citi, Union Bank N.A. and Metropolitan Life Insurance Company to investment in one of the world’s largest photovoltaic plants.
GE Energy Financial Services will contribute 1-GW, $1.5 billion in solar investments for EDF Renewable Energy’s Catalina Solar plant in Rosamond, Calif.
GE originally was to have minority ownership in the 143-MW project, located on 1,100 acres, in late 2012. However, after commercial operations began in August, GE purchased the remaining ownership, turning it into a single investor lease.
EDF Renewable Services is providing operations and maintenance for the facility. The energy will be used by San Diego Gas & Electric to provide energy to about 35,000 homes annually and offset 250,000 metric tons of greenhouse gas emissions.
The plant includes more than 1.1 million thin-film PV solar modules from First Solar and Solar Frontier.
Financial details of the transactions were not disclosed.
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