Munich Re enters deal to acquire 50% stake of Palen Solar complex

Munich Re, through its asset manager unit MEAG, has entered into an agreement with EDF Renewables North America to acquire a 50% stake in the 310 MWdc solar photovoltaic complex in California, USA. 

The transaction covers the 131 MWdc Maverick 6 solar photovoltaic project with a 50 MW/200 MWh battery storage system and the 179 MWdc Maverick 7 solar project. Located in Riverside County, these projects form part of the Palen Solar complex. The Maverick 6 and 7 PV solar projects consist of horizontal single-axis tracking technology and can generate enough energy to supply power to around 116,500 average homes in California. 

The Maverick 6 farm has secured a power purchase agreement (PPA) with CleanPowerSF, a not-for-profit program operated by San Francisco Public Utilities Commission, while the Maverick 7 farm is contracted by Shell Energy North America US LP (SENA).