Sempra, Consolidated Edison Partner in Two Solar Power Plants

   By Melodie Warner 
 

Consolidated Edison Inc. (ED) formed a partnership with Sempra Energy (SRE) that gives the utility company a 50% interest in two Sempra U.S. Gas & Power solar facilities.

Financial terms weren't disclosed.

Sempra U.S. Gas & Power said it will continue to provide operations and maintenance services to both 150-megawatt plants, one near Las Vegas and the other near Phoenix.

"This strategic partnership bolsters Sempra U.S. Gas & Power's ongoing plan to improve its financial returns, deconsolidate debt and redeploy the proceeds from the transaction into new renewable growth projects," said Kevin C. Sagara, vice president of renewables and corporate development for Sempra U.S. Gas & Power.

Sempra owns electric and natural-gas utilities in California, utilities in South America, and natural-gas pipelines and storage facilities and liquefied-natural-gas terminals in the U.S. and Mexico. The company's bottom line has been challenged by decade-low U.S. natural-gas and power prices of late.

Last week, Sempra Energy reached a joint venture agreement with GDF Suez SA (GSZ.FR), Mitsubishi Corp. (MSBHY, 8058.TO) and Mitsui & Co. (MITSY, 8306.TO) to develop a liquefied natural-gas export facility at the site of the Cameron LNG facility in Louisiana.

Shares of Sempra and ConEd closed Monday at $84.60 and $60.90, respectively. Both were inactive premarket.

Write to Melodie Warner at [e-mail]

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