EDP Renewables NA announced Tuesday the acquisition of a majority interest in C2 Omega LLC. Through a new company called EDPR NA Distributed Generation LLC, EDP will provide small-scale downstream generation and energy efficiency services to the C2 Energy Capital LLC’s distributed solar platform. EDP is now diversifying its distributed generation portfolio in 16 states in the U.S.
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EDP Renewables NA and C2 Omega LLC: the acquisition
This Tuesday, EDP Renewables North America announced it is acquiring a majority interest in C2 Omega LLC. This acquisition has created a new company for EDP called EDPR NA Distributed Generation LLC, which will be the exclusive provider of small-scale downstream generation and energy efficiency services for the company in the U.S.
According to EDP, C2 Omega’s acquisition encompasses the distributed solar platform of C2 Energy Capital LLC. This deal will also further advance EDPR NA’s presence in the downstream solar energy market as an owner-operator.
With approximately 200 projects across 16 states, EDP is currently one of the few operators with the country’s largest commercial and industrial distributed generation portfolios.
The company will acquire an 85% equity stake in C2’s solar portfolio that includes 89 M.W. of operating and near completion capacity across and a near-term pipeline of over 120 MW. This transaction’s completion is subject to customary conditions, and closing is expected to occur in Q1-2021.
Reception and expectations
“We went through an exhaustive research and vetting process before deciding to acquire C2 based on its impressive track record; strong management team, and quality of existing assets,” said Miguel Angel Prado; CEO of EDP Renewables North America. “This investment will enable us to serve a rapidly growing market and to offer our customers; a range of new services and solutions to meet their renewable energy needs.”
This platform will build on the U.S. footprint of utility-scale renewable energy projects EDP Renewables has ; to offer reliable solar power and an entire fleet of services in the distributed generation market.
“The execution-oriented team at EDPR demonstrated a nuanced approach to investing that will enable us to become the leading provider of distributed generation in the United States,” said Richard Dovere, incoming CIO of EDPR NA DG. “We look forward to working with EDPR’s robust customer base to bring a new set of offerings to fuel diversified growth in today’s demanding renewable energy sector.”
C2’s management team will continue to be engaged in the day-to-day operations of EDPR NA DG. Candice Michalowicz will serve as Chief Operating Officer, and Richard Dovere will serve as Chief Investment Officer. Miguel Angel Prado will be Chief Executive Officer of EDPR NA DG.