GE Energy Financial Services and NextEra Energy are understood to be looking to acquire a 550 megawatts solar PV project in California.
GE and NextEra are reportedly looking to acquire the Desert Sunlight Solar Farm, a 550-megawatt project located near Palm Springs. First Solar got its hand on the project via its $285 million acquisition of Nextlight Renewable Power more than a year ago.
Desert Sunlight is backed by a 25-year power purchase agreement with Pacific Gas & Electric for 300 megawatts of electricity and a 20-year PPA for the balance of the project’s output with Southern California Edison.
The project is backed by a Department of Energy $1.88 billion loan guarantee.
In the past year GE has agressivelly invested in solar project and technology developers.
Last week Desert Sunlight scored a conditional approval of a $1.8 billion Department of Energy loan guarantee.
Officials at GE and NextEra either declined to comment.