Masdar, an Abu Dhabi-based renewable energy company, achieved first close on its acquisition of 50% of a 1.6 GW project portfolio in the U.S. from EDF Renewables North America. Financial details were not disclosed.
Masdar and EDF Renewables North America announced a deal last year to partner on eight renewable energy projects, including five solar PV projects in California totaling 689 MW, two including lithium-ion battery energy storage systems representing 75 MW. Three utility-scale wind projects in Nebraska and Texas totaling 815 MW were also included in the portfolio.
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, which total 213 MW of capacity, and the Maverick 1 and Maverick 4 projects, which total 309 MW.
Big Beau, a 128 MW solar PV and 40 MW/160 MWh battery energy storage system, is in Kern County and is slated 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 variety 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. offers “considerable scope for further growth,” adding 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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