Sempra Energy to sell certain US solar assets for $1.5bn

21 September 2018 (Last Updated September 21st, 2018 11:15)

US-based Sempra Energy has entered into an agreement to sell certain US solar assets to Consolidated Edison for $1.54bn in cash.

Sempra Energy to sell certain US solar assets for $1.5bn
Sempra Energy has agreed to sell certain US solar assets to Consolidated Edison for $1.54bn in cash. Credit: chuttersnap on Unsplash.

US-based Sempra Energy has entered into an agreement to sell certain US solar assets to Consolidated Edison for $1.54bn in cash.

Consolidated Edison is one of the largest investor-owned energy-delivery companies in the US, with nearly $12bn in annual revenues and $49bn in assets.

"The sale comprises nearly 980MW of installed capacity in Sempra Energy’s non-utility renewables portfolio."

As per the terms of the agreement, Consolidated Edison will be acquiring 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.

Additionally, Consolidated Edison will acquire the facilities, which are jointly owned with Sempra Renewables and include Mesquite Solar 1; Copper Mountain Solar 2 and 3; the Alpaugh, Corcoran and White River solar facilities located in California; and the Broken Bow II wind facility in Nebraska.

The sale comprises nearly 980MW of installed capacity in Sempra Energy’s non-utility renewables portfolio.

Sempra Energy president and COO Joseph A. Householder said: “This sale represents an important step forward in the portfolio-optimisation plan we announced in June to support market growth opportunities. We plan to work closely with Consolidated Edison to ensure a smooth transition.”

The sale is subject to customary closing conditions and regulatory approvals from various concerned authorities, which is expected to take place by the end of this year.

In June this year, Sempra Energy revealed plans for a multi-phase, portfolio-optimisation to further enhance its strategic focus and create shareholder value.

Sempra Energy is an energy services holding company with nearly 20,000 employees who serve more than 40 million consumers worldwide.