EDF Renewable Energy announced that half of its equity interest in the 143-megawatt Catalina Solar project is being acquired by TIAA-CREF, a financial services provider.
San Diego-based EDF Renewable will retain the remaining 50 percent stake in the project, and its affiliate, EDF Renewable Services, will continue to provide operations and maintenance services for the project, the company said.
Catalina Solar, which is in the Mojave Desert, generates enough electricity to serve about 35,000 homes. The project’s energy is provided to San Diego Gas & Electric under a 25-year power purchase agreement, EDF said.
According to EDF, Catalina Solar represents its largest utility-scale photovoltaic project and the sixth-largest photovoltaic plant in the U.S.
“This sale illustrates our ability to redeploy capital to fund future development while staying deeply involved in existing projects," said Raphael Declercq, EDF Renewable Energy’s director of divestiture and portfolio management. “This is an important aspect of our business model that allows us to further our ambition as a world-class renewable project developer.”