Prudential Buys Stake in Tenaska’s California Solar Plant

Prudential Financial Inc. (PRU) bought a stake in a California solar power project from closely held U.S. power generator Tenaska Inc.

Prudential Capital Group bought a minority interest in the 130-megawatt Tenaska Imperial Solar Energy Center South project near El Centro, California, the Omaha, Nebraska-based company said today in a statement. Terms of the transaction are confidential, according to the statement.

Imperial Valley will produce enough electricity once completed for about 44,000 California homes at peak times through a 25-year power contract with Sempra Energy (SRE) utility San Diego Gas & Electric, Tenaska said. The project’s website states that the project will be completed before the year’s end.

Tenaska is developing a separate 150-megawatt project called Imperial Solar Energy Center West near El Centro that will also sell its power to SDG&E.

To contact the reporter on this story: Ehren Goossens in New York at egoossens1@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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