ConEdison Development Acquires 50-Percent Interest in 335-MW DC Panoche Valley Solar Farm in Central California from RET Capital , no terms

ConEdison Development (CED), a New York State-based developer and operator of large-scale renewable energy projects, has acquired a 50 percent interest in the 240 MW AC (335 MW DC) Panoche Valley Solar Farm in San Benito County, California from Renewable Energy Trust Capital Inc. (RET Capital). CED will provide construction management, operations and maintenance, and asset management for the project. RET Capital, one of the country's leading finance and asset management platforms for the renewable energy industry, had been an early investor and sole owner of the project, and the companies now hold equal shares of ownership. "Working in partnership with RET Capital, ConEdison Development is pleased to expand our renewable portfolio in California," said Mark Noyes, Senior Vice President and Chief Operating Officer of ConEdison Development. "America is steadily increasing its reliance on solar and wind energy, and our company is proud to be playing an increasingly significant role in boosting our country's clean energy capabilities," said Mr. Noyes. "Economic, security, pollution and climate concerns all converge around our use of energy and as a result there is a growing demand for renewable energy across the nation," said John Bohn, Chief Executive Officer and Chairman of RET Capital. "RET Capital is committed to accelerating the expansion of this critical sector in order to meet the demand, and we are proud to be working in partnership with ConEdison Development to advance this large-scale solar initiative." With approximately 1.1 million panels planned for the Panoche Valley installation, construction is scheduled to commence by the end of the year. The project site is situated approximately 140 miles southeast of San Francisco.