Consolidated Edison's Unit Buys Solar Project In New Jersey
Zacks Investment Research | Jan 09, 2020 09:28PM ET
A subsidiary of Consolidated Edison Inc (NYSE:ED). (NYSE:D) , Consolidated Edison Development, has recently bought the Lakehurst solar project from Starwood Energy Group Global and Energy Management Inc. The transaction details, however, were kept undisclosed following the closure of the deal.
A Brief Note on Lakehurst Solar Project
The Lakehurst solar project is an approximately 14.4-MW DC solar project currently under construction at Joint Base McGuire-Dix-Lakehurst, a mission-critical, tri-service military base in central NJ. The solar project was developed under the Air Force’s Enhanced Use Lease program for achieving real asset optimization and long-term energy security.
How Will This Deal Benefit Consolidated Edison?
Consolidated Edison has been focusing on adding more clean energy to its grid, which is likely to help it cater to the ever-increasing demand for renewable energy, in the long run. In line with this, it is imperative to mention that in September 2019, Consolidated Edison Development, which previously owned an 80% membership interest in OCI Solar San Antonio 4 LLC (Texas Solar 4), acquired the remaining 20% interest.
Consolidated Edison has been strongly focusing on systematic capital investment plans for infrastructure development alongside investing steadily toward enhancing renewable generation assets. Notably, the company has a robust capital expenditure plan of around $12.1 billion for renewables for the 2019-2021 time frame.
Coming to quarter-specific developments, Consolidated Edison generated a whopping 1,710 million kilowatt per hours (kWh) of electricity from solar projects during the third quarter of 2019. Also, during the quarter, the company’s electric production volumes from renewables surged 89.4% year over year to 5,421 million kWh from the year-ago quarter’s figure.
Evidently, in line with its existing expansion plans, the recent purchase of the Lakehurst Solar project will be beneficial for the company in generating higher electricity production from clean energy, going forward.
Price Movement
In the past year, shares of Consolidated Edison have gained 17.6% compared with the Zacks Investment Research
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.