ConEdison Development (CED) has acquired 50-percent interest in a 240-MW AC Panoche Valley Solar Farm in California.
The New York-based company is now an equal share owner with Renewable Energy Trust Capital Inc. (RET Capital), a finance and asset management platform for the renewable energy industry.
RET Capital was an early investor and the sole owner of the Panoche Valley project until CED’s acquisition.
“Working in partnership with RET Capital, ConEdison Development is pleased to expand our renewable portfolio in California,” said Mark Noyes, senior vice president and chief operating officer of ConEdison Development. “America is steadily increasing its reliance on solar and wind energy, and our company is proud to be playing an increasingly significant role in boosting our country’s clean energy capabilities.”
CED will provide construction management, operations and maintenance and asset management for the solar installation in San Benito County, about 140 miles southeast of San Francisco.
Construction is set to begin in late 2015. More than 1 million panels are planned for the solar farm.
“Economic, security, pollution and climate concerns all converge around our use of energy and as a result there is a growing demand for renewable energy across the nation,” said John Bohn, chief executive officer and chairman of RET Capital. “RET Capital is committed to accelerating the expansion of this critical sector in order to meet the demand, and we are proud to be working in partnership with ConEdison Development to advance this large-scale solar initiative.”