Masdar, one of the world’s fastest-growing clean energy companies, has further expanded its presence in the US renewables market after closing the acquisition of a 50% stake in a combined solar and battery storage project from EDF Renewables North America.
The Big Beau project, located in California, comprises a 128 MWac photovoltaic (PV) solar plant and a 40 MW/160 MWh battery energy storage system. It is one of eight projects that Masdar and EDF Renewables have agreed to jointly partner in, with a combined capacity of 1.6 GW.
Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, COP28 President-Designate and Chairman of Masdar, said: “Big Beau and the other projects that we are operating with EDF Renewables are already making an active contribution to US clean energy targets, highlighting the strength of the UAE-US relationship that the recent Partnership for Accelerating Clean Energy (PACE) announcement seeks to build on. If we are to keep the objective of limiting global warming to 1.5° alive, we need to see countries coming together in concerted action – one of the key areas of focus for the upcoming COP28 in the UAE. Partnerships between companies like Masdar and EDF Renewables are also vital in ensuring we hold back emissions, not progress.”
Tristan Grimbert, President and CEO of EDF Renewables North America, added: “EDF Renewables’ partnership with Masdar enjoys a successful history and today we celebrate another project to add to the growing portfolio. Decarbonisation of the energy sector will take the combined effort of developers, offtakers, and investors alike working in collaboration toward ambitious goals. We are grateful for our productive partnership with Masdar built on a foundation of progress.”
Masdar and EDF Renewables North America agreed in 2020 to jointly partner in the 1.6 GW portfolio, which includes three utility scale wind projects in Nebraska and Texas totalling 815 MW, and five solar projects in California totalling 689 MW – two of which include battery energy storage systems representing 75 MW. All of the projects are operational, and combined they are displacing more than 3 million tpy of emissions.
In January, UAE and US officials announced that US$20 billion will be allocated to fund 15 GW of clean energy projects in the US before 2035, led by Masdar and a consortium of US private investors, under the PACE between the two countries.
Mohamed Jameel Al Ramahi, CEO, Masdar, commented: “Masdar has a strong working relationship with EDF that originated in the Middle East and now extends across the globe, and we are pleased to further strengthen that relationship today. We are also committed to growing our activities in the US over the coming years and see it as an extremely important strategic market for Masdar. I look forward to growing our presence in the US as a developer and independent power producer, as part of our targeted global expansion of reaching at least 100 GW by the end of this decade.”
For more news and technical articles from the global renewable industry, read the latest issue of Energy Global magazine.
The Spring 2023 issue of Energy Global hosts an array of technical articles focusing on offshore wind, solar technology, energy storage, green hydrogen, waste-to-energy, and more. This issue also features a regional report on commodity challenges facing Asia’s energy transition.
Read the article online at: https://www.energyglobal.com/electric-hybrid/12042023/masdar-completes-acquisition-of-big-beau-project-stake-from-edf-renewables-north-america/
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