NEW YORK – Con Edison Development, Inc., a subsidiary of Consolidated Edison, Inc. and one of America’s largest owners and operators of renewable energy infrastructure projects announced today its agreement to acquire a Sempra Energy subsidiary that owns 981 megawatts (MW) AC of operating renewable electric production projects, including its 379 MW AC share of projects that it owns jointly with Con Edison subsidiaries, and its development rights for solar production and battery storage projects. The purchase price for the acquisition is $1.54 billion (subject to closing adjustments, including working capital). The acquisition is expected to be completed near the end of 2018.
The Troutman Sanders team advising Con Edison was led by Capital Projects partner Craig Kline with support from Robert Schmicker, Vaughn Morrison and Felicia Xu. Additional support was provided by, among others, Daniel Anziska (Antitrust), Mason Bayler (Corporate), Carl Bivens and Michael L. Warwick (Real Estate), Jonathan Boyles (ERISA), Amie Colby, Stuart Caplan and Jessica Lynch (FERC), Angela Levin and Morgan Gerard (Environmental), Roger Reigner (Tax) and James Schutz (IP).
Detailed information about the transaction can be found here.