Prudential Buys Stake in Tenaska El Centro Solar Power Plant

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A view of Tenaska Imperial Solar Energy Center South, a utility-scale photovoltaic solar plant taking shape across nearly 950 acres of private agricultural land in the Imperial Valley. — Tenaska
A view of Tenaska Imperial Solar Energy Center South, a utility-scale photovoltaic solar plant taking shape across nearly 950 acres of private agricultural land in the Imperial Valley. — Tenaska

 

 

OMAHA, NE – Prudential Financial Inc. (PRU:US) bought a stake in a California solar power project from closely held U.S. power generator Tenaska Inc.

Prudential Capital Group bought a minority interest in the 130-megawatt Tenaska Imperial Solar Energy Center South project near El Centro, California, the Omaha, Nebraska-based company said today in a statement. Terms of the transaction are confidential, according to the statement.

Imperial Valley will produce enough electricity once completed for about 44,000 California homes at peak times through a 25-year power contract with Sempra Energy (SRE:US) utility San Diego Gas & Electric, Tenaska said. The project’s website states that the project will be completed before the year’s end.

Tenaska is developing a separate 150-megawatt project called Imperial Solar Energy Center West near El Centro that will also sell its power to SDG&E.