Sempra U.S. Gas & Power has sold part of its interest in a local solar power plant.
The San Diego company said Tuesday that Consolidated Edison Development of New York has taken a 50 percent share in Sempra’s 150-megawatt Copper Mountain Solar 2 plant in Boulder City.
Sempra said the move will help it deconsolidate debt, improve financial returns and invest in new renewable projects. Consolidated Edison said the agreement boosts its presence in green power.
Sempra struck a 25-year deal in 2011 to sell Copper Mountain Solar’s electricity to Pacific Gas & Electric of San Francisco.
Sempra has also sold Consolidated Edison half of its 150-megawatt Mesquite Solar 1 plant near Phoenix.
The U.S. Department of Energy has to sign off on the deal, which Sempra said it expects to close in the second half of 2013.
The companies didn’t disclose the terms of the sale.
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