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GE and Citi Join Californian Solar Gold Rush

Jan 7, 2013
(BusinessGreen)

California's solar industry has received its second major boost of the year, after EDF Renewable Energy announced it had sold a majority stake in its 143MW Catalina Solar project to a group of high-profile investors, including GE and Citi.

The move – which comes in the same week as Warren Buffett's investment vehicle MidAmerica Solar announced it will shell out at least $2bn to acquire two solar farms from SunPower Corp – completes financing arrangements for the project and should ensure construction is fully completed during the second quarter of the year.

EDF Renewable Energy, formerly known as enXco, said the completed facility would provide enough clean energy for 35,000 homes through a power purchase agreement with the San Diego Gas & Electric Company (SDG&E).