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RECENT INVESTMENT ACTIVITY | 3 Months Ended
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Jun. 30, 2015
Notes to Consolidated Financial Statements [Abstract] |
Recent Investment Activity | NOTE 3. ACQUISITION AND DIVESTITURE ACTIVITY SEMPRA RENEWABLES In March 2014, Sempra Renewables formed a joint venture with Consolidated Edison Development (Con Edison Development), a non-related party, by selling a 50-percent interest in its 250-megawatt (MW) Copper Mountain Solar 3 solar power facility for $66 million in cash, net of $2 million cash sold. Sempra Renewables recognized a pretax gain on the sale of $27 m illion ($16 million after-tax), included in Gain on Sale of Equity Interest and Assets on our Condensed Consolidated Statement of Operations for the six months ended June 30, 2014. Our remaining 50-percent interest in Copper Mountain Solar 3 is accounted f or under the equity method. Based on the nature of the underlying assets, this investment is considered in-substance real estate. Therefore, in accordance with applicable U.S. GAAP, the Copper Mountain Solar 3 equity method investment was measured at historical cost and no portion of the gain was attributable to a remeasurement of the retained investment to fair value. The following table summarizes the deconsolidation:
DECONSOLIDATION OF SUBSIDIARY
(Dollars in millions) |
|  | Copper Mountain Solar 3
|  | At March 13, 2014
Proceeds from sale, net of negligible transaction costs | $ | 68
Cash |  | (2)
Property, plant and equipment, net |  | (247)
Other assets |  | (11)
Accounts payable and accrued expenses |  | 82
Long-term debt, including current portion |  | 97
Other liabilities |  | 3
Accumulated other comprehensive income |  | (2)
Gain on sale of equity interest |  | (27)
(Increase) in equity method investment upon deconsolidation | $ | (39)
In May 2014, Sempra Renewables invested $109 million (and an additional $12 million in November 2014, as adjusted for financial position at closing) to become a 50-percent partner with Con Edison Development in four fully operating solar facilities in California. We discuss our investment in the California solar partnership further in Note 4 of the Notes to Consolidated Financial Statements in the Annual Report. In March 2015, Sempra Renewables acquired a 100-percent interest in the Black Oak Getty Wind project, a 78-MW wind farm under development in Stearns County, Minnesota. The wind farm has a 20-year power purchase agreement with Minnesota Munici pal Power Agency. The total acquisition cost for the project is $8 million, a portion of which was paid in the first quarter of 2015. SEMPRA NATURAL GAS Mesqui te Power Sale In April 2015, Sempra Natural Gas sold the remaining 625-MW block of the Mesquite Power plant, together with a related power sales contract, for net cash proceeds of $347 million. We recognized a pretax gain on the sale of $61 million ($36 mi llion after-tax), included in Gain on Sale of Equity Interest and Assets on our Condensed Consolidated Statement of Operations. The asset was classified as held for sale at December 31, 2014.

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