The portfolio comprises 206 solar projects spanning across 13 states from New Jersey to Hawaii with an equally diverse range in capacity from 36 kilowatts up to 25 megawatts. The Asset Management and O&M services continuity agreements were negotiated and implemented by the project lessor to ensure seamless operations in the event of an abrupt disruption in the performance of the incumbent service providers. At the conclusion of the transition period, EDF RS will be performing full scope O&M and Asset Management services under long-term agreements.
Larry Barr, Executive Vice President of EDF RS, commented, “This transaction demonstrates EDF RS’s ability to provide security and continuity to renewable energy asset owners in a time of extreme financial unrest within the industry. We are using our well-established and industry leading O&M and Asset Management resources to provide the owners of these projects with a thoughtful transition away from their prior service providers to a long-term partnership driven to maximize profitability.”
This solar portfolio transaction solidifies EDF RS’s presence in the distributed generation market. In April, 2016, groSolar, which provides PV development and turnkey engineering, procurement, and construction (EPC), joined the EDF RE group as a wholly-owned subsidiary. The business unit brings a precise focus on distributed generation solar business. EDF Renewable Services provides operations and maintenance services to over 1 GW of solar throughout North America. EDF Renewable Services is the leading third-party provider of operations and maintenance services in North America.
EDF RS is also active in Latin America. The latest quarterly report from EDF France stated that, “Brazil participates in the growth of the segment’s EBITDA with an organic increase of +€52 million due to the positive effect of the annual tariff review under Norte Fluminense’s Power Purchase Agreement (PPA), and favourable spot purchases during maintenance periods.”
EDF Renewable Energy, a subsidiary of EDF Energies Nouvelles, is a leading U.S. independent power producer boasting 30 years of experience across a broad spectrum of services. With over 30 years of experience, EDF Renewable Services understands renewable energy facilities represent a substantial investment. The company takes an owner-operator approach to ensure maximum returns on the asset, full project value, and ongoing profitability for new and existing facilities. The U.S. unit is part of a global organization with 11 gigawatts of wind and solar under contract.