The renewable energy unit of Electricite de France SA agreed to sell a 50 percent stake in a California solar farm to TIAA-CREF.
EDF Renewable Energy will retain half and continue to maintain the 143-megawatt Catalina solar project in the Mojave Desert, the San Diego-based unit said today in a statement. Terms of the sale weren’t disclosed.
Sempra Energy’s San Diego Gas & Electric Co. is buying electricity from the solar farm under a 25-year agreement. The plant powers about 35,000 homes.
“These investments are a good fit for our long-term investment approach and meet a growing need for environmentally friendly energy sources,” Mario Maselli, director of energy and infrastructure investments for TIAA-CREF, which manages about $570 billion, said in the statement.