EDF Renewables North America (EDFR) and MEAG, appearing in its capability as Munich Re’s world asset supervisor, have signed a strategic funding settlement whereby a subsidiary of Munich Re will purchase a 50% stake in two renewable power tasks in California.
The Maverick 6 Photo voltaic-plus-Storage Undertaking is 131 MW DC, coupled with a 50 MW/200 MWh battery power storage system. The Maverick 7 Photo voltaic Undertaking has a capability of 179 MW DC. The tasks, which make the most of horizontal single-axis monitoring expertise, are positioned adjoining to at least one one other in Riverside County on federal lands inside a Photo voltaic Vitality Zone and Improvement Focus Space, managed by the U.S. Bureau of Land Administration. Each tasks are in building with operations to begin in December 2021.
“We’re very happy to announce this strategic partnership with MEAG, who shares EDF Renewables’ long-term funding focus and dedication to decarbonization,” feedback Nate McMurry, vp, divestiture and portfolio technique for EDF Renewables. “Securing the quantity of capital funding required to efficiently deal with local weather change is without doubt one of the twenty first century’s important challenges; partnerships between builders of high-quality renewable power tasks and main institutional traders like MEAG are an necessary avenue to speed up the expansion of fresh power.”
“This undertaking fulfills our excessive expectations for sustainable investments,” says Holger Kerzel, Member of MEAG’s Administration Board. “By additional increasing our renewable power portfolio within the U.S., we’re serving to to forestall climate-damaging emissions. We’re very happy about this transaction and are wanting ahead to a profitable partnership with EDF Renewables.”
The transaction, anticipated to shut within the first quarter of 2022, is topic to customary regulatory approvals. Macquarie Capital acted as unique monetary advisors.