Con Edison Acquires 140 Megawatts of Solar Projects in California

SANTA MONICA, Calif., and VALHALLA, N.Y., | CED & SOLARRESERVE LLC — Con Edison Development has acquired six shovel-ready solar photovoltaic (PV) projects totaling 140 megawatts (MWDC) from a PV project portfolio developed through a joint venture between SolarReserve, LLC, and GCL Solar Energy, Inc. (GCL). The acquisition adds to Con Edison Development’s existing portfolio of solar projects in California and to its overall renewable energy asset base around the United States. SolarReserve is a leading global developer of utility-scale solar power projects and advanced solar thermal technology. GCL Solar Energy is the U.S. solar development and IPP division of […]

SANTA MONICA, Calif., and VALHALLA, N.Y., | CED & SOLARRESERVE LLC —
Con Edison Development has acquired six shovel-ready solar photovoltaic (PV) projects totaling 140 megawatts (MWDC) from a PV project portfolio developed through a joint venture between SolarReserve, LLC, and GCL Solar Energy, Inc. (GCL).

The acquisition adds to Con Edison Development’s existing portfolio of solar projects in California and to its overall renewable energy asset base around the United States.

SolarReserve is a leading global developer of utility-scale solar power projects and advanced solar thermal technology. GCL Solar Energy is the U.S. solar development and IPP division of GCL-Poly Energy Holdings Limited, the world’s largest polysilicon and wafer supplier.

“With the acquisition of these solar projects, Con Edison Development is significantly expanding the role we play in California’s dynamic, renewables sector,” said Mark Noyes, SVP and COO of Con Edison Development. “Moreover, these transactions help us build upon our long-standing record of responsible environmental stewardship in locations across the country.”

“We are pleased to continue our efforts to bring affordable clean energy to consumers, as well as deliver highly viable projects from our successful PV development efforts in the US,” said Kevin Smith, SolarReserve’s CEO. “These PV projects developed here in our home state are part of our global large-scale solar project development portfolio of more than 6.6 gigawatts (GW), which includes our advanced solar thermal technology, photovoltaic technology, and combined solutions that can deliver reliable, 24/7 baseload solar power that is cost-competitive with conventional energy sources.”

Ranging in size from 20 MWDC to 25 MWDC, the projects acquired by Con Edison Development are located in Tulare, Kings and Fresno counties and have the capacity to power approximately 25,000 homes. The projects are all fully permitted, with interconnection agreements in place. Power Purchase Agreements have been secured with Southern California Edison (SCE) for four of the projects and with Pacific Gas & Electric (PG&E) for the remaining two.

Dr. Fang Peng, President of GCL Solar Energy, said, “GCL is pleased to collaborate with Con Edison Development again, building upon a relationship established in 2012 when GCL developed and sold four central California utility projects to the company. GCL is committed to developing high-quality solar projects for investors and our own portfolio in North America and other international markets.”