A New York firm has acquired a 50 percent stake in the Panoche Valley Solar Project, according to a statement released to Market Watch.
ConEdison Development purchased the stake from Renewable Energy Trust Capital, previously a sole owner of the project, and they now share equal shares in the venture. The utility and energy company, ConEdison, is a subsidiary of Consolidated Edison, Inc., listed as ED on the New York Stock Exchange. It generates about $12 billion in annual revenues and has a market cap of $18.5 billion.
The acquisition announcement came hours before Judge Harry Tobias is expected to rule on a lawsuit from environmental groups challenging the 247-megawatt project. He plans to make the ruling at 3:30 p.m. Thursday at the San Benito County Courthouse.
ConEdison is the second major public company to own a stake in the project, as North Carolina-based Duke Energy has also held part ownership.
The Sierra Club and Santa Clara Valley Audubon Society jointly filed a lawsuit alleging the San Benito County Board of Supervisors had inadequate grounds May 19 to OK a revised version of an environmental impact review on the 247-megawatt project. Supervisors in May officially rejected an appeal on the prior planning commission approval of the revised EIR, needed due to revisions made to the project such as a reduced size, condensed construction schedule, water use and the process to connect with transmission lines.
Opponents in public meetings have contended the supplemental EIR review should have gone through the same, stringent steps of a full EIR as done with the original, much larger version of the project.
The county’s approval on the revised EIR came after a three-year legal battle between the same environmental groups and the county, also challenging a lack of adequate environmental work, which culminated with a ruling in favor of the county and solar company.
In the latest lawsuit before the judge Thursday afternoon, the two environmental organizations argued that the EIR for the project along Little Panoche Road failed to comply with the California Environmental Quality Act by: failing to describe a baseline for biological resources, failing to address new research information surfacing since the original lawsuit such as impacts of climate change on the blunt-nose leopard lizard, new information on potential impacts of other species in the area such as the golden eagle, use of groundwater with the accelerated construction schedule, and inadequate re-circulation of the new environmental document.
The California Public Utilities Commission in March approved a power purchase agreement for the Panoche Valley solar project. Prior to that, PV2 in August reached a 20-year power purchase agreement with Southern California Edison for the 247 megawatts. The agreement with the Panoche Valley project is over 20 years with an expectation to be online by 2019.
Solargen Energy first proposed the Panoche Valley project in 2009, but when the company encountered financial problems in 2011, PV2 bought the assets for the project. Supervisors first approved of the solar project in 2010 when its scope was much larger.
With the initial proposal, there was talk of building a 1,000-megawatt solar farm on up to 30,000 acres. As recent as late 2013, the project was planned for 339 megawatts. The current version of the endeavor includes a total of 24,000 acres of open spaces, or 10 times the size of the project area.
