Cogentrix Energy, LLC, a subsidiary of the The Goldman Sachs Group (NYSE: GS), has completed its acquisition of Sunray Energy, Inc., the owner and operator of two solar power plants in the Mojave desert built in the early 1980s.
The facilities formerly known as Solar Energy Generation Systems I and II (SEGS I & II) were the first two utility-scale solar trough plants built in the world and deliver up to 43 megawatts (MW) of electric capacity under contract to Southern California Edison (“SCE”).
The plants were completed and placed in service in 1984 and 1985 and are located in San Bernardino County, California.
Cogentrix plans to retrofit and upgrade the concentrating solar power (CSP) plants.
Financial terms of the acquisition were not disclosed.
“This acquisition positions Cogentrix firmly in the solar business and we are excited about the future,” said Bill Felts, Senior Vice President at Cogentrix. “Renewable energy is a major component of our nation’s energy strategy to help ensure greater energy independence. It is our goal to help ensure that electricity can be provided from renewable sources in an economic and reliable fashion.” With over 25 years of experience in the electric power generation industry, Mr. Felts leads the overall development effort at Cogentrix.
Founded in 1983 and headquartered in Charlotte, N.C., Cogentrix is an independent power power producer.
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