Today, EDF Renewables North America (EDFR) announced jointly with MEAG a strategic investment. Accordingly, this deal will consist of a subsidiary of Munich Re to acquire a 50% stake in two renewable energy projects in California.
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About the projects
Indeed, the Maverick 6 Solar-plus-Storage Project is 131 MWdc coupled with a 50 MW/200 MWh battery energy storage system. Similarly, the Maverick 7 Solar Project has a capacity of 179 MWdc.
Additionally, the projects, which utilize horizontal single-axis tracking technology, are located adjacent to Riverside County on federal lands; specifically, within a Solar Energy Zone and Development Focus Area, managed by the US Bureau of Land Management (BLM).
Lastly, both projects are in construction, with operations to commence in December 2021.
In this regard, Nate McMurry, Vice President, Divestiture & Portfolio Strategy for EDF Renewables, commented; “We are very pleased to announce this strategic partnership with MEAG, who shares EDF Renewables’ long-term investment focus and commitment to decarbonization.”
McCurry also said that “securing the volume of capital investment required to address climate change successfully is one of the 21st century’s critical challenges.” Therefore, partnerships between developers of high-quality renewable energy projects and major institutional investors like MEAG are an important avenue to accelerate the growth of clean energy.”
Similarly, Holger Kerzel, Member of MEAG’s Management Board, said; “This project fulfills our high expectations for sustainable investments. By further expanding our renewable energy portfolio in the US, we are helping to prevent climate-damaging emissions.”
EDF Renewables and MEAG on the projects
Lastly, Kerzel added that MEAG is “very pleased about this transaction and (is) looking forward to a successful partnership with EDF Renewables.”
Indeed, the projects combined will generate enough clean energy to meet the consumption of 116,500 average California homes1. For instance, this is equivalent to avoiding more than 527,000 metric tons of CO2 emissions annually2.
EDF Renewables and MEAG particularly expect the transaction expected to close in the first quarter of 2022. Besides, the deal is still subject to customary regulatory approvals. Macquarie Capital acted as exclusive financial advisors.
Currently, EDF Renewables is one of the largest renewable energy developers in North America. Additionally, it has over 35 years of experience and 20 gigawatts of wind, solar, and storage projects developed. As such, it is also committing to providing solutions to meet California’s carbon-reduction goals. EDFR NA also provides integrated energy solutions from grid-scale power to electric vehicle charging.
On the other han, MEAG, acting on behalf of Munich Re, has more than one gigawatt of wind and solar assets under management in Europe and the US. Moreover, the firm is planning to substantially increase its investments into the US renewable energy space over the following years. Thus, it will leverage on Munich Re’s in-house engineering expertise and MEAG’s local presence in the US.