Consolidated Edison (Con Edison) has completed the purchase of a Sempra Energy subsidiary and gained 980 megawatts of renewable energy projects, bringing its total to 2,600 MWs of solar farms across 17 states. The company said that makes it the second largest solar energy producer in the US.
The $1.6 billion purchase included 379 megawatts of projects that Con Edison Clean Energy Businesses jointly owned with Sempra, 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. It also purchased 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.
“Our acquisition of these renewable energy assets builds on a strong record of environmental commitment, and our determination to be national leaders in clean energy initiatives,” said John McAvoy, Con Edison’s chairman and CEO. “Over the next three years, we will double the gas energy efficiency levels we offer customers and reduce overall usage during peak periods, while supporting the city and state’s climate and clean energy goals.
“We expect to invest $9.5 billion on our energy systems during this period to improve safety, maintain reliability, and reduce risk,” McAvoy added. “Our core energy systems remain the backbone of our operations, and will continue to serve as the platform for incorporating new renewable technologies.”
For Sempra the sale is part of its multi-phase, portfolio-optimization initiative, which launched earlier in 2018. It’s part of the company’s ongoing efforts to expand it regulated utility Oncor Electric Delivery in Texas, its pending acquisition of InfraREIT and to pay down debt. The company also is seeking to sell its wind portfolio and certain of its midstream natural gas assets.
"With the completion of this sale, we continue to build momentum toward becoming North America's premier energy infrastructure company, while expanding our opportunities to build and acquire other energy infrastructure," said Joseph A. Householder, president and chief operating officer of Sempra Energy. "We've had a long-standing relationship working with Con Edison and want to commend their leadership team for their efforts to expeditiously complete this transaction."
“The significance of the purchase is twofold for us. It increases our renewable energy production, enhancing our status as a market leader, and does so with assets close to where we operate other facilities, providing us with operating synergies,” said Mark Noyes, president and CEO of Con Edison Clean Energy Businesses. “Our combined solar and wind energy portfolio avoids 5.4 million tons of carbon dioxide emissions, on par with ushering 1.2 million cars to the curb.”
The company has been undertaking both massive and small solar projects. For instance, it piloted solar and energy storage at more than 300 homes in New York in 2016.Tweet