EDF Renewable Energy, a U.S. unit of French utility Electricite de France SA, completed financing for its 143-megawatt Catalina solar project under construction in California’s Mojave Desert.
General Electric Co. (GE), MetLife Inc. (MET), Mitsubishi UFJ Financial Group Inc. (8306) and Citigroup Inc. (C) bought a majority stake in the project and plan to buy the remainder when it enters operation later this year, the San Diego-based EDF unit said today in a statement that didn’t disclose terms.
Sempra Energy (SRE)’s San Diego Gas & Electric will buy the power produced by Catalina for 25 years to help meet a state requirement for utilities to supply 33 percent of retail electricity from renewable sources by 2020.
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