Edison Mission Energy, a Santa Ana-based unit of Edison International in Rosemead, has joined with two partners to form Capistrano Wind Partners LLC.
The new company, also based in Santa Ana, will fund wind-energy projects it acquires from Edison.
The partnership involves New York-based financial services firm TIAA-CREF and Cook Inlet Region Inc., an Alaska Native regional corporation.
The two companies have committed $460 million to Capistrano, including an upfront investment of $238 million for three operating projects.
Initial projects Edison has placed in Capistrano’s portfolio are the 150-megawatt Cedro Hill project in Texas, and the 61-megawatt Mountain Wind I and 80-megawatt Mountain Wind II projects in Wyoming. Each megawatt of electricity is said to be enough to power about 650 homes.
Other Edison projects will be acquired by Capistrano once the projects are operational, with balance of its funds invested over the next year, Edison said.
Edison companies own and operate 31 wind-energy projects in commercial operation or under construction across 11 states. The projects combine to generate about 2,000 megawatts.
—Jane Yu
