TIAA-CREF buys 50% Catalina stake
EDF Renewable Energy says that financial services provider TIAA-CREF will acquire a 50% equity interest in the 143MW (AC) Catalina Solar project in California, the developer’s largest utility-scale PV project.
Financial terms of the transaction were not made public. EDF Renewable Energy will retain the remaining 50% and continue to provide operations and maintenance services through its services affiliate.
Located in the Mojave Desert, Catalina Solar generates electricity for 35,000 homes under a 25-year supply contract with San Diego Gas & Electric Company.
“This sale illustrates our ability to redeploy capital to fund future development while staying deeply involved in existing projects. This is an important aspect of our business model that allows us to further our ambition as a world-class renewable project developer," says Raphael Declercq, EDF Renewable Energy’s director of divestiture and portfolio management.
TIAA-CREF is based in New York City, and claims $569bn in assets under management.
“These investments are a good fit for our long-term investment approach and meet a growing need for environmentally friendly energy sources,” says Mario Maselli, director, energy & infrastructure Investments for TIAA-CREF.
The project became operational in August 2013.