Consolidated Edison, Inc. · NYSE:ED
Consolidated Edison — Merger or Acquisition (September 2018)
10 slides from Consolidated Edison's merger presentation, Sep 20, 2018
Slide 1: Acquisition of Sempra Solar Holdings
Acquisition of Sempra Solar Holdings September 20, 2018 Exhibit 99.2
Slide 2: Available Information and Forward-Looking Statements
Available Information On August 2, 2018, Consolidated Edison, Inc. issued a press release reporting its second quarter 2018 earnings and filed with the Securities and Exchange Commission the company’s second quarter 2018 Form 10-Q. This presentation should be read together with, and is qualified in
Slide 3: Sempra Solar Holdings Transaction Overview
Sempra Solar Holdings Transaction Overview Consolidated Edison Development, Inc. (“CED”), a wholly-owned subsidiary of Consolidated Edison, Inc. (“Con Edison”), has agreed to acquire Sempra Solar Holdings, LLC, a Sempra Energy subsidiary Sempra Solar Holdings, LLC has ownership interests in: 981 MW
Slide 4: Operating Assets
Sempra Solar Holdings Operating Assets Project State MW(1) COD Offtaker PPA Term Tax Equity Project Debt Copper Mountain Solar 3* NV 128 2015 SCPPA 20 years -- ü Mesquite Solar 1* AZ 83 2012 PG&E 20 years -- ü Copper Mountain Solar 2* NV 75 2015 PG&E 25 years -- ü California Solar CA 55 2013 PG&E 25
Slide 5: CEB's Pro Forma Portfolio of Renewable Assets
CEB’s Pro Forma Portfolio of Renewable Assets Acquired assets are co-located with existing CEB assets with development opportunities in attractive growth markets Solar Wind JV
Slide 6: Investment Highlights
Investment Highlights Consistent with Con Edison strategy of growing our renewables footprint Familiarity with assets and markets of operation Efficiencies from operating co-owned and co-located assets Long-term, contracted cash flows with creditworthy counterparties Further diversification of off-t
Slide 7: Financial Highlights
Financial Highlights Sources Uses Existing Project Debt $576 Existing Project Debt $576 Portfolio Debt 825 Purchase Price 1,540 Common Stock 715 Total Sources $2,116 Total Uses $2,116 Sources and Uses Earnings per share Con Edison estimates that the transaction will be accretive to earnings per shar
Slide 8: Organizational Structure of Con Edison
Organizational Structure of Con Edison CEB, a subsidiary of CEI, owns and operates renewable and energy infrastructure projects and is one of the leading renewable companies in the United States (1) Market capitalization as of 09/18/2018 Con Edison Solutions Con Edison Energy Con Edison Development
Slide 9: Successful Record of Low-Risk Development and Operation
Successful Record of Low-Risk Development and Operation Disciplined Growth of CEB Renewables Portfolio MW CEB develops, owns and operates renewable and energy infrastructure projects in North America Through its deep resources and trusted relationships with a range of energy-related companies, CEB h
Slide 10: The renewable portfolio would nearly double with the purchase
The renewable portfolio would nearly double with the purchase of Sempra Solar Holdings Solar PV Asset Ownership (GW) Pro Forma (end 2017) Geography (MW) Off-Takers (MW) Off-Taker Credit Rating (MW) (1) Source: Pie charts based on Company information as of June 30, 2018. (1) S&P ratings are senior un
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