The New York state solar developer and operator acquired the stake from Renewable Energy Trust Capital Inc. (RET Capital). The financial details were not disclosed.
The Panoche Valley Solar Farm will be located in San Benito County, California. Around 1.1 million solar PV panels will be installed, and construction is scheduled to commence by the end of the year.
While CED and RET Capital hold equal ownership rights to the project, CED will undertake construction management, operations and maintenance, and asset management. No details were provided on timelines for completion.
"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, CEO 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," he added.