MetLife in partnership with Longsol Holdings have purchased the 30MW Webberville solar project from SunEdison for an undisclosed sum.
The transaction was completed in December 2011, when the project became operational.
RES Americas will operate and maintain the solar farm for the next five years, following which SunEdison will manage the operation and maintenance of the Webberville solar project for 20 years.
Community-owned electric utility Austin Energy will buy the electricity and environmental attributes generated by the project under a 25-year solar power purchase agreement.
MetLife executive vice president and chief investment officer Steven Goulart said the project aligns with company's overall high-quality investment approach and builds upon the more than $2.2bn his company invested in renewable energy investment projects.
Output produced by the solar project is expected to generate more than 1.4 billion kilowatt hours of clean, renewable energy over 25 years, enough to power more than 136,000 average US homes.
The project will also reduce more than 1.6 billion pounds of CO2 into the atmosphere.