The remaining stake in the project will be retained by EDF Renewable Energy that will continue to provide operations and maintenance services through its EDF Renewable Services affiliate.
Located at Mojave Desert in California, the US, the project is equipped with 82MWp Solar Frontier and 61MWp First Solar thin film photovoltaic (PV) modules.
Claimed to be the EDF Renewable Energy’s largest utility-scale PV project and the 6th largest PV plant in the US, the Catalina solar project generates enough electricity to power approximately 35,000 homes.
US-based San Diego Gas & Electric is purchasing the electricity generated by the project under a 25-year power purchase agreement.
EDF Renewable Energy Divestiture and Portfolio Management director Raphael Declercq said, "We are very happy to team up with a strong long-term partner like TIAA-CREF.
EDF Renewable Energy Divestiture and Portfolio Management director Raphael Declercq said we are very happy to team up with a strong long-term partner like TIAA-CREF.
"This sale illustrates our ability to redeploy capital to fund future development while staying deeply involved in existing projects," Declercq added.
Image: TIAA-CREF will invest in EDF’s Catalina solar project by acquiring 50% stake. Photo: courtesy of Naypong/FreeDigitalPhotos.net
