Dive Brief:
- Consolidated Edison and Sempra U.S. Gas & Power have agreed to partner on five solar projects.
- Four of the projects total 100 MW, are operational and are owned by ConEd subsidiary Consolidated Edison Development. The fifth project, owned by Sempra, totals 260 MW and is still under construction.
- After the agreement, Sempra and ConEd will each have 50% stake in the five projects.
Dive Insight:
As fossil fueled generation faces more and more regulatory scrutiny and compliance measures, renewables look like an increasingly attractive option for utilities and generators.
“We continue to execute on our strategy to deconsolidate debt and re-invest proceeds in near-term growth opportunities,” said Sempra VP of Renewables Kevin Sagara. “This strategy allows us to continue to diversify our renewables portfolio."