The Copper Mountain Solar 2 plant is located near Las Vegas and currently generates 92 MW, with full capacity expected by 2015. Sempra's Mesquite Solar 1 facility near Phoenix was completed in late 2012, although it holds potential capacity for up to 700 MW total.
Sempra will continue to operate and maintain the two plants, while Pacific Gas & Electric (NYSE: PCG ) has entered into long-term purchasing contracts for both sites.
"This strategic partnership bolsters Sempra U.S. Gas & Power's ongoing plan to improve its financial returns, deconsolidate debt, and redeploy the proceeds from the transaction into new renewable growth projects," Kevin Sagara, Sempra's VP of renewables and corporate development, said in a statement.
Although the financial terms of the sale were not disclosed, the Department of Energy's Loan Program Office awarded a $337 million loan guarantee to Sempra in 2011 for the construction of Mesquite Solar 1.
Pending further regulatory approval, this latest agreement is expected to be finalized by 2014.