Consolidated Edison Development acquires two solar projects from GCL Solar

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Consolidated Edison Development acquires two solar projects from GCL Solar

Greentech Lead America: Consolidated Edison Development
(CED), a wholly owned subsidiary of Consolidated Edison, has acquired two solar
photovoltaic projects totaling 92 megawatts DC from GCL Solar.

The acquired projects are located in Tulare County in
California’s Central Valley. The combined two projects have a capacity to
produce enough electricity to power approximately 15,000 homes.

“Now, with the acquisition of these two projects in
California, we have taken a major step forward in broadening our geographic
horizons. CED looks forward to the opportunity to deliver clean and reliable
energy to businesses and households in California, a state widely praised for
its pioneering achievements in the renewable energy sector,” said Mark
Noyes, vice president of Con Edison Development.

The projects are expected to offset about 80,000 tons of
carbon dioxide, which is the equivalent of removing nearly 15,000 cars from the
road every year for the life of the projects.

The projects are scheduled to come online in the fourth
quarter of 2012. The power generated by these projects will be sold to Pacific
Gas and Electric Company under 25-year power purchase agreements.

“The successful completion of the two projects totaling
92 MW DC demonstrates our ability to provide development, construction and
financing of large-scale solar farms. This also solidifies our position to
further expand from our 1gigawatt (GW) solar farm pipeline we have in the USA.
We continue to execute our dual core strategy where we produce high quality
polysilicon and wafer in the upstream and develop solar farm projects and
provide system integration services in the downstream,” said Peter Xie,
CEO of GCL Solar.

[email protected]

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