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.
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