Consolidated Edison, Inc. Now #2 Solar Energy Producer In North America
December 14,2018
Consolidated Edison, Inc. (NYSE: ED) (“Con Edison”) announced that its subsidiary has completed its previously announced purchase of a Sempra Energy subsidiary that owns 980 megawatts (MW) AC of operating renewable electric production projects and certain development rights for additional solar electric production and energy storage projects.
The purchase price for the acquisition was $1,609 million, including $69 million of working capital and other closing adjustments.
The $1.6 billion acquisition brings the Con Edison Clean Energy Businesses portfolio of renewable assets to 2,600 MW AC in 17 states. The acquisition makes Con Edison the second largest solar energy producer in North America.
Included in the 980 MW AC purchase are a 379 MW share of projects that Sempra owned jointly with Con Edison Clean Energy Businesses.