Thursday, January 03, 2013

(BN) GE, MetLife to Buy U.S. Solar Farm With Mitsubishi and Citigroup

(Bloomberg) EDF Renewable Energy, a U.S. unit of French utility Electricite de France SA, completed financing for its 143-megawatt Catalina solar project under construction in California's Mojave Desert.

General Electric Co. (GE), MetLife Inc. (MET), Mitsubishi UFJ Financial Group Inc. (8306) and Citigroup Inc. (C) bought a majority stake in the project and plan to buy the remainder when it enters operation later this year, the San Diego-based EDF unit said today in a statement that didn't disclose terms.

Sempra Energy (SRE)'s San Diego Gas & Electric will buy the power produced by Catalina for 25 years to help meet a state requirement for utilities to supply 33 percent of retail electricity from renewable sources by 2020.

First Solar Inc. (FSLR) and Showa Shell Sekiyu KK (5002)'s Solar Frontier unit are supplying thin-film photovoltaic panels for the project, according to EDF Renewable Energy's website.

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