EDF Renewables North America and MEAG, acting as Munich Re’s global asset manager, said that a unit of Munich Re will acquire a 50% stake in two renewable energy projects in California. Terms were not disclosed.
The projects are the Maverick 6 Solar-plus-Storage Project, a 131 MWdc solar array coupled with a 50 MW/200 MWh battery energy storage system; and the Maverick 7 Solar Project, which has a capacity of 179 MWdc.
The projects use horizontal single-axis tracking technology and are located adjacent to one another, east of Los Angeles, in Riverside County. The projects are on federal lands within a Solar Energy Zone and Development Focus Area, managed by the U.S. Bureau of Land Management. Both projects are under construction with operations to start in December.
EDF Renewables North America has a 20-year Power Purchase Agreement with CleanPowerSF for output from the Maverick 6 project. CleanPowerSF is a not-for-profit program operated by San Francisco Public Utilities Commission (SFPUC).
The transaction involving MEAG is expected to close in the first quarter of 2022 and is subject to customary regulatory approvals. Macquarie Capital acted as exclusive financial advisors.
MEAG, acting on behalf of Munich Re, has more tF Renewables</ihan 1 GW of wind and solar assets under management in Europe and in the U.S. It said it plans to “substantially increase” its investments in the U.S. renewable energy space over the next years.
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