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News: 2012 Press Release

For Release: September 21, 2012
Media Calls Only: 916-492-3566
Insurance Commissioner Dave Jones Announces Insurers Invest $681 Million In Solar Facility

Insurance Commissioner Dave Jones today announced that more than a dozen insurance groups have invested $681 million in the Topaz Solar Farms, LLC. , located in San Luis Obispo County. The investment is part of the Department's California Organized Investment Network (COIN) which attracts and leverages insurance company capital to fund investments that benefit California's environment, as well as low-to-moderate income and rural communities.

"I commend the insurance companies for going green by investing in a company that's producing alternative energy," said Commissioner Jones. "Supporting the work of companies like Topaz Solar Farms is good for the environment and good for California consumers."

By producing a projected 550MW of electricity, Topaz will help the state comply with the California Renewable Portfolio Standards (RPS), which requires that by December 31, 2020, each California investor-owned utility must procure at least 33 percent of its retail electricity sales from renewable energy sources. Through the installation and maintenance of solar modules, Topaz will create 400 construction jobs and annual property tax revenue of $400,000 in a rural section of San Luis Obispo County. Topaz is sited on non-prime agricultural land with limited productivity, and will fund habitat restoration under a decommissioning agreement with San Luis Obispo County.

The following companies have invested in Topaz Solar Farms, LLC:

  • Allianz Life Insurance Company of North America
  • Allstate Insurance Group
  • American Financial Group
  • CNO Financial Group
  • Lincoln National Group
  • MetLife Group
  • Nationwide Group
  • Pacific Life Group
  • 5 other Insurance groups

Since the COIN program was created in 1997 more than $20 billion has been put to work by insurance companies in California's environment and its low-to-moderate (LMI) income and rural communities.

To learn more, visit www.insurance.ca.gov/coin or call (916) 492-3525.

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The California Department of Insurance, established in 1868, is the largest consumer protection agency in California, regulating the $123 billion insurance marketplace. In 2013 the California Department of Insurance received more than 170,000 calls from consumers and helped recover over $63 million in claims and premiums. Please visit the Department of Insurance web site at www.insurance.ca.gov. Non-media inquiries should be directed to the Consumer Hotline at 800.927.HELP or 213.897.8921. Telecommunications Devices for the Deaf (TDD), please dial 800.482.4833.

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