Masdar acquires 50% of EDF Renewables in US expansion
Masdar will take three utility-scale wind farms in Nebraska and Texas, and five solar photovoltaic projects in California
Abu Dhabi-based Masdar, a clean energy developer and the subsidiary of Mubadala Investment Company has acquired 50% stake in EDF Renewables North America covering nearly 1.6GW from its clean energy portfolio in the US expansion spree.
As part of the deal, Masdar will take three utility-scale wind farms in Nebraska and Texas totalling 815MW, and five photovoltaic (PV) solar projects in California – two of which include battery energy storage systems – with a total capacity of 689MW of solar and 75MW of lithium-ion battery energy storage.
Two of the wind farms in Texas include, the 243MW Coyote wind project in Scurry County and the 273MW Las Majadas in Willacy County. Meanwhile, the 300MW Milligan 1 wind project is in Saline County in Nebraska.
Currently, all three wind projects are under construction and are expected to begin commercial operations in Q4 2020.
While the solar projects include, the Desert Harvest 1 and Desert Harvest 2 PV projects total 213MW of solar and 35MW / 140MWh of battery storage in Riverside County, California, in addition to 173MW Maverick 1, and 13 MW Maverick 4 solar PV projects.
All of the four solar projects are also under construction and are expected to commence commercial operations in the fourth quarter of 2020.
Meanwhile, the final project in the portfolio is Big Beau, a 166MW solar PV and 40MW/160MWh battery energy storage project, which is in Kern County. The project will reach commercial operation in 2021.
Together the projects have created more than 2,000 jobs in the country’s clean energy sector, and will reduce the emission of more than 2.7 million metric tonnes of CO2 annually.
“As the second largest renewable energy producer in the world in terms of installed power capacity, the US offers considerable scope for further growth and diversification of our renewable energy portfolio,” said Mohamed Jameel Al Ramahi, CEO of Masdar.
The transaction is expected to close in the Q4 2020 as it is subject to customary regulatory approvals. BofA Securities is acting as exclusive financial adviser to Masdar.