Masdar, EDF Renewables Partner on Clean Energy Portfolio

EDF Renewables North America and Masdar, a global clean energy developer and a subsidiary of Mubadala Investment Co., have agreed to partner on Masdar’s second strategic investment in the U.S. – a deal with EDF Renewables North America that will see it acquire a 50% stake in a 1.6 GW clean-energy portfolio.

Under the terms of the agreement, Masdar has acquired a 50% interest in three utility-scale wind farms in Nebraska and Texas totalling 815 MW, and five photovoltaic (PV) solar projects in California – two of which include battery energy storage systems – totalling 689 MW of solar and 75 MW of lithium-ion battery energy storage.

“As the second-largest renewable energy producer in the world in terms of installed power capacity, the U.S. offers considerable scope for further growth and diversification of our renewable energy portfolio,” says Mohamed Jameel Al Ramahi, CEO of Masdar. 

“We are delighted to expand our presence there through this landmark deal to invest in eight clean energy assets in California, Nebraska and Texas, and to further strengthen our global partnership with EDF Renewables,” he adds.

The 243 MW Coyote wind project is located in Scurry County, Texas; the 273 MW Las Majadas wind project is located in Willacy County, Texas; and the 300 MW Milligan 1 wind project is in Saline County, Neb. All three wind projects are currently under construction and expected to begin commercial operations in the fourth quarter.

In Riverside County, Calif., the Desert Harvest 1 and Desert Harvest 2 PV projects total 213 MW of solar and 35 MW / 140 MWh of battery storage. Also in Riverside County are the 173 MW Maverick 1 and 136 MW Maverick 4 solar PV projects. These four projects are also under construction and slated for commercial operations in the fourth quarter. The final project in the portfolio is Big Beau, a 166 MW solar PV and 40 MW/160 MWh battery energy storage project, which is in Kern County and will reach commercial operation in 2021. All solar projects utilize horizontal single-axis tracking technology.

Power from the diversified portfolio projects will be sold under long-term contracts to a variety of offtakers, including utilities, hedge providers and community choice aggregators (CCAs).

In total, the eight projects have created more than 2,000 jobs in the country’s clean energy sector.

The transaction is expected to close in the fourth quarter as it is subject to customary regulatory approvals. BofA Securities is acting as exclusive financial adviser to Masdar.

The post Masdar, EDF Renewables Partner on Clean Energy Portfolio appeared first on Solar Industry.

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