Masdar and EDF Renewables agree to partner in eight renewable energy projects in United States

SAN DIEGO & ABU DHABI, United Arab Emirates, Aug. 13, 2020:  EDF Renewables North America and Masdar, one of the world’s leading clean energy developers and a subsidiary of Mubadala Investment Company, today announced Masdar’s second strategic investment in the United States (US) in a deal with EDF Renewables North America that will see it acquire a 50 percent stake in a 1.6-gigawatt (GW) clean-energy portfolio.

Under the terms of the agreement, Masdar has acquired a 50 percent interest in three utility-scale wind farms in Nebraska and Texas totalling 815 megawatts (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 the fourth quarter of 2020. 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 utilize 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 2,000 jobs in the country’s clean energy sector, and will displace more than 3 million metric tons of carbon dioxide 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, Chief Executive Officer of Masdar. “We are delighted to expand our presence there through this landmark deal to invest in eight clean energy assets in California, Nebraska and Texas, and to further strengthen our global partnership with EDF Renewables.”

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

Tristan Grimbert, President and CEO, EDF Renewables North America commented, “EDF’s collaboration with Masdar runs deep in the Middle East and North Africa already. This deal writes a new chapter of cooperation between our two companies focused on the North American market. I would like to highlight the exceptional quality of work for both the Masdar and EDF Renewables North America teams over the last year to execute this transaction in particularly troubled times.”

The transaction is expected to close in the fourth quarter of 2020 as it is subject to customary regulatory approvals. BofA Securities is acting as exclusive financial adviser to Masdar.

*According to United States Environmental Protection Agency Greenhouse Gas Equivalencies Calculator based on estimated energy production.  https://www.epa.gov/energy/greenhouse-gas-equivalencies-calculator

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