US-based renewable energy company EDF Renewable Energy has completed financing for the 143MW Catalina Solar project located in Mojave Desert in California.
An consortium including GE Energy Financial Services, Metropolitan Life Insurance Company, a wholly owned subsidiary of MetLife, Union Bank, and Citi acquired a majority interest in the project.
The consortium will pick up the remaining stake in the project on completion and convert it to a single investor lease.
San Diego Gas & Electric Company has agreed to procure the electricity from the project vide a long term power purchase agreement.
The project is estimated to provide achieve full capacity after April 2013 and will generate enough electricity to power 35,000 homes in the region.
Speaking on the new investment in Catalina, EDF Renewable project finance director Michael Wheeler commented, “It underscores solar power’s ability to provide clean, abundant and affordable power, while creating economic benefits.”