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Masdar and EDF Renewables team up

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Energy Global,

EDF Renewables North America and Masdar, a clean energy developer and a subsidiary of Mubadala Investment Company, have announced Masdar’s second strategic investment in the US in 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.

The 243 MW Coyote wind project is located in Scurry County, Texas; the 273 MW Las Majadas wind project is in Willacy County, Texas; and the 300 MW Milligan 1 wind project is in Saline County, Nebraska. All three wind projects are currently under construction and expected to begin commercial operations in the fourth quarter of 2020.

In Riverside County, California, 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 4Q2020. 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 utilise 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 2000 jobs in the country's clean energy sector, and will displace more than 3 million tpy of carbon dioxide1.

Masdar made its first entry into the US market last year, acquiring a 50% interest in two wind farms in Texas and New Mexico.

The transaction is expected to close in 4Q2020 as it is subject to customary regulatory approvals. BofA Securities is acting as exclusive financial adviser to Masdar.

  1. According to United States Environmental Protection Agency Greenhouse Gas Equivalencies Calculator based on estimated energy production,

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