ConEdison has announced that it has acquired 50% interest in the 335 MW Panoche Valley Solar Farm, located in Central California, from RET Capital.
The New York State–based renewable energy developer and operator will provide construction management, operations and maintenance, and asset management for the San Benito County solar farm. ConEdison has acquired the 50% stake from RET Capital, which, as one of the leading finance and asset management platforms for the renewable energy industry in the US, has been an early investor and the sole owner of the solar farm up until this point.
Upon completion, the Panoche Valley Solar Farm will be made up of approximately 1.1 million panels, with construction on the 335 MW project expected to commence by the end of the year.
“Working in partnership with RET Capital, ConEdison Development is pleased to expand our renewable portfolio in California,” said Mark Noyes, Senior Vice President and Chief Operating Officer of ConEdison Development. “America is steadily increasing its reliance on solar and wind energy, and our company is proud to be playing an increasingly significant role in boosting our country’s clean energy capabilities.”
“Economic, security, pollution, and climate concerns all converge around our use of energy and as a result there is a growing demand for renewable energy across the nation,” said John Bohn, Chief Executive Officer and Chairman of RET Capital. “RET Capital is committed to accelerating the expansion of this critical sector in order to meet the demand, and we are proud to be working in partnership with ConEdison Development to advance this large-scale solar initiative.”