Sempra Energy (SRE) Thursday said it has agreed to sell its U.S. non-utility operating solar assets, solar and battery storage development projects and one wind facility to Consolidated Edison Inc. (ED) for $1.54 billion in cash.
"This sale represents an important step forward in the portfolio-optimization plan we announced in June to support market growth opportunities," said Joseph Householder, president and chief operating officer of Sempra Energy. "We plan to work closely with Consolidated Edison to ensure a smooth transition."
On June 28, Sempra Energy announced a multi-phase, portfolio-optimization initiative designed to sharpen the company's strategic focus and create value for all shareholders.
Sempra Energy said intends to sell the rest of its non-utility U.S. wind and certain U.S. midstream natural gas assets.
The assets included in the sale to Consolidated Edison are-- Mesquite Solar 2 and 3 in Arizona; Copper Mountain Solar 1 and 4 in Nevada; Great Valley Solar in California; and solar and battery storage development projects.
The sale is expected to be completed near the end of 2018. The sale is subject to customary closing conditions, including approvals of the Federal Energy Regulatory Commission and the U.S. Department of Energy.
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