Masdar acquires 50% stake in 1.6 GW renewable portfolio in USA
EDF Renewables North America and Masdar have signed a strategic investment in the United States that involves the acquisition of 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 totaling 815 megawatts (MW),
- and five photovoltaic (PV) solar projects in California – two of which include battery energy storage systems – totaling 689 MW of solar and 75 MW of lithium-ion battery energy storage.
Both in Texas, the 243 MW Coyote wind project is located in Scurry County while the 273 MW Las Majadas wind project is in Willacy County. The 300 MW Milligan 1 wind project is in Saline County, Nebraska. All three wind projects are currently under construction and are expected to begin commercial operations in the fourth quarter of 2020.
Installed in Riverside County, California, the Desert Harvest 1 and Desert Harvest 2 solar projects have a total capacity of 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 off-takers, 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.
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.
