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Masdar reaches first close on 1.6 GW solar, wind portfolio in US

From pv magazine USA

Abu Dhabi-based Masdar has achieved first close on its acquisition of a 50% stake in a 1.6 GW project portfolio in the United States from EDF Renewables North America. It did not disclose the financial terms of the transaction.

Masdar and EDF Renewables North America announced a deal last year to partner on eight renewable energy projects. They included five solar PV projects in California, totaling 689 MW, 75 MW of lithium-ion storage capacity at two sites, and 815 MW of wind capacity at three locations spread across Nebraska and Texas.

Four of the solar projects started commercial operations in December – all in Riverside County. These include the Desert Harvest 1 and Desert Harvest 2 projects, at 213 MW of combined capacity. The other two arrays are the Maverick 1 and Maverick 4 projects, which total 309 MW.

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Big Beau, a 128 MW solar PV and 40 MW/160 MWh battery energy storage system, is in Kern County and is set to reach commercial operation in December. All three wind projects are expected to begin commercial operations during the first quarter. Power from the portfolio projects will be sold under long-term contracts to a range of offtakers, including utilities, hedge providers, and community choice aggregators.

Masdar entered the U.S. market in 2019, when it acquired a 50% interest in two wind farms in Texas and New Mexico. Masdar CEO Mohamed Jameel Al Ramahi said the U.S. market offers “considerable scope for further growth.” He added that with President Joe Biden having made clean energy investment a key priority for his administration, “we clearly anticipate greater opportunities in this market.”

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Source: pv magazine