Friday, March 2, 2012
Edison Mission Energy Spins Out Wind Energy Firm
Santa Ana-based Edison Mission Energy, which is a subsidiary of utility Edison International, said Thursday that it has tied with TIAA-CREF and Cook Inlet Region Inc, to form a new company to invest in wind energy projects in North America. The firm said the new company, Capistrano Wind Partners, will invest in a portfolio of U.S. wind projects, including projects in Wyoming, Texas, and Nebraska. As part of the deal, Capistrano WInd PArtners will be acquiring those projects from EMG. The companies said that TIAA-CREF and CIRI have committed $460M in capital to the deal, including up-front investments of $238M for three, currently operating wind projects.