EDP Renewables today announced that through its wholly-owned subsidiary in North America LLC (EDPR NA), it acquired a majority interest in C2 Omega LLC. In fact, this acquisition concentrates mainly on the distributed solar platform of C2 Energy Capital LLC (C2).
Furthermore, this platform has an operating capacity of 89 MW; with a near-term pipeline of more than 150 MW, across 200 sites in 16 states.
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EDP Renewables and C2 Omega new JV: EDPR NA DG
This Wednesday, EDP Renewables announced that through North America’s full subsidiary EDPR NA, it acquired a majority interest in C2 Omega LLC. Accordingly, the utility will receive participation in the distributed solar platform of C2 Energy Capital LLC.
For instance, this 89 MW platform has a near-term pipeline of more than 150 MW across 200 sites in 16 states.
In fact, the closing follows the initial acquisition announcement made on January 18, 2021. Besides, it creates a new business unit named EDPR NA Distributed Generation LLC (EDPR NA DG).
Therefore, the new venture will unite the technical and financial expertise of the C2 Energy Capital team with the capital, equity, and innovative technology approaches of EDPR’s global team.
Consequently, “the new EDPR NA DG team, composed of nationally recognized market experts, will lead efforts across the United States;” said both EDP Renewables and C2 Omega LLC in a public statement.
In this sense, “this acquisition closing confirms our commitment to the North American market, where EDPR operates more than 7 gigawatts of renewable energy projects.
Thus, “we are excited to reach this milestone, given C2’s impressive track record, strong management team, and long-standing commercial, industrial, and community relationships across the United States;” stated Miguel Prado, CEO of EDPR NA & EDPR NA DG.
Reception and other JV projects
Moreover, EDPR NA DG could become the leading provider of distributed generation in the US market; servicing the most extensive portfolio of Fortune 500 commercial and industrial clients in the country.
Besides, the move comes with a renewed focus on the quickly evolving community solar market.
“By combining C2’s distributed generation focus, we will be able to execute on an ever-expanding project pipeline successfully.
Hence, we will aim to leverage our project developer relationships and the strength of our new business unit’s resources. Thus, to accelerate growth and achieve greater scale in the market;” noted Richard Dovere, incoming Chief Investment Officer, EDPR NA DG.
Finally, EDP Renewables will also be launching a new H2 Business Unit (H2BU); that will be the Group’s new arm to develop green hydrogen projects. Moreover, a dedicated storage unit; will aim to achieve a storage capacity of 1 GW within the next five years.
In brief, “the creation of EDPR NA DG and these additional business units reinforces EDPR’s leadership in the energy transition in the United States;” the parties stated.
For more information about EDPR NA DG, visit www.edprnadg.com.
