EDF Renewable Energy, the San Diego-based subsidiary of EDF Energies Nouvelles, has announced that financial services provider TIAA-CREF will acquire half of EDF's equity interest in the Catalina Solar project in the Mojave Desert.
The deal is subject to customary closing conditions, EDF said in a release. EDF Renewable Energy will retain the remaining 50 percent stake in the project, and continue to provide operations and maintenance services through its EDF Renewable Services affiliate.
The value of the transaction was not released.
Raphael Declercq, EDF Renewable Energy’s director of divestiture and portfolio management, said the sale illustrates the company's ability to redeploy capital to fund future development while continuing on its existing projects.
"This is an important aspect of our business model that allows us to further our ambition as a world-class renewable project developer," Declercq said.
The 143-megawatt peak Catalina Solar project, comprised of thin-film photovoltaic modules from Solar Frontier and First Solar, represents EDF Renewable Energy’s largest utility-scale photovoltaic project, and the sixth largest photovoltaic plant in the United States, according to EDF. The energy it produces is enough to serve approximately 35,000 homes, and is provided to San Diego Gas & Electric under a 25-year power purchase agreement.
TIAA-CREF specializes in financial services in the academic, research, medical and cultural fields.
“Investing in operational solar energy developments alongside experienced developers and operators is a key part of our natural resources and infrastructure investment strategy,” said Lisa Ferraro, managing director for TIAA-CREFF and its head of energy and infrastructure portfolio management.