Con Edison Development Acquires 140 Megawatts of Solar Projects in California from SolarReserve and GCL
Leading development team delivers six shovel-ready solar photovoltaic (PV) projects to the renewables unit of one of America's largest investor-owned energy companies
SANTA MONICA, Calif., and VALHALLA, N.Y., May 12, 2015 -- Con Edison Development, a subsidiary of Consolidated Edison, Inc., 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."
SolarReserve, LLC - headquartered in Santa Monica, California - is a leading developer of utility-scale solar power projects and advanced solar thermal technology with more than $1.8 billion of projects in construction and operation worldwide. SolarReserve has developed and secured long-term power contracts for 482 MW of solar projects representing $2.8 billion of project capital, and currently has a global development pipeline of 6.6 GW across the world's most attractive, high growth renewable energy markets.
SolarReserve's 110 MW Crescent Dunes Solar Energy Plant located in Nevada is the world's first utility-scale solar thermal facility to feature advanced molten salt power tower energy storage capabilities. The project, complete with construction and currently in the commissioning phase, is scheduled to commence full operations in mid-2015 and will be the only operating utility-scale molten salt power tower on the planet. The Crescent Dunes project includes 10 hours of full-load energy storage utilizing SolarReserve's proprietary solar energy storage technology and the project will deliver more than 500,000 megawatt-hours of electricity per year to the Nevada grid.
In addition to its headquarters in the US, SolarReserve has offices in Chile, South Africa, Turkey, Spain, Australia and the United Arab Emirates, with activities underway in the Middle East, Africa, Australia, China, India and Latin America. For more information visit our website at: www.solarreserve.com