FPL Energy and Carlyle/Riverstone Purchase Solar Assets in California
Under terms of the agreement, FPL Energy, along with certain FPL Energy affiliates, and Carlyle/Riverstone purchased majority interest in five 30-megawatt Solar Energy Generating System (SEGS III-VII) assets in the Mojave Desert. FPL Energy will operate the SEGS plants and hold a 45 percent ownership interest in the projects. Carlyle/Riverstone, as co-general partner, will own a 49 percent interest in the projects with the remainder being held by a group of limited partners. All of the power generated from the SEGS projects is sold to Southern California Edison under long-term contracts. Financial terms of the transaction were not disclosed.
"The acquisition of the SEGS projects is a continuation of our strategy to own and operate high quality power generation facilities and further solidifies our position as the leader in clean, renewable energy generation," said Jim Robo, president of FPL Energy. "With these new projects, we are now the largest generator of solar power in the U.S. with 310 MW's. In addition, FPL Energy is the largest wind generator in the U.S. with more than 2,750 MW's in operation."
Michael Hoffman, a Carlyle/Riverstone Managing Director, commented, "We are excited to begin our renewable power investment effort with the industry leader as our partner and in what is a significant and growing market."
FPL Energy is a leading wholesale generator utilizing clean fuels such as natural gas, wind, solar, hydroelectric and nuclear to generate electricity. It is a subsidiary of FPL Group, one of the nation's largest providers of electricity-related services with annual revenues of more than $10 billion. FPL Group's principal subsidiary is Florida Power & Light Company, one of the nation's largest electric utilities, serving more than 4.2 million customer accounts in Florida. Additional information is available on the Internet at http://www.FPLEnergy.com, http://www.FPLGroup.com and http://www.FPL.com.
Riverstone Holdings LLC and The Carlyle Group are the co-general partners of the Carlyle/Riverstone Global Energy and Power Fund II, a $1.1 billion private equity fund established to make investments in the energy and power industry globally. Riverstone, a New York-based energy and power focused private equity firm founded in 2000, has approximately $1.5 billion under management. Riverstone conducts buyout and growth capital investments in the midstream, upstream, power, and oilfield service sectors of the energy industry. The Carlyle Group is a global private equity firm with more than $18.9 billion under management. Visit http://www.carlyle.com for additional information.
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