Bloomberg News

GE, MetLife to Buy U.S. Solar Farm With Mitsubishi and Citigroup

January 02, 2013

EDF Renewable Energy, a U.S. unit of French utility Electricite de France SA, completed financing for its 143-megawatt Catalina solar project under construction in California’s Mojave Desert.

General Electric Co. (GE:US), MetLife Inc. (MET:US), Mitsubishi UFJ Financial Group Inc. (8306) and Citigroup Inc. (C:US) bought a majority stake in the project and plan to buy the remainder when it enters operation later this year, the San Diego-based EDF unit said today in a statement that didn’t disclose terms.

Sempra Energy (SRE:US)’s San Diego Gas & Electric will buy the power produced by Catalina for 25 years to help meet a state requirement for utilities to supply 33 percent of retail electricity from renewable sources by 2020.

First Solar Inc. (FSLR:US) and Showa Shell Sekiyu KK (5002)’s Solar Frontier unit are supplying thin-film photovoltaic panels for the project, according to EDF Renewable Energy’s website.

To contact the reporter on this story: Andrew Herndon in San Francisco at aherndon2@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net


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Companies Mentioned

  • GE
    (General Electric Co)
    • $25.94 USD
    • 0.03
    • 0.12%
  • MET
    (MetLife Inc)
    • $55.15 USD
    • -0.13
    • -0.24%
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