Landmark agreement with EDF Renewables North America will see Masdar expand its footprint in the US to California and Nebraska, and grow presence in Texas. The clean energy assets include wind, solar PV, and battery storage projects with a total combined capacity of 1.6 GW.
Masdar’s second strategic investment in the United States in a deal with EDF Renewables will see it acquire a 50 percent stake in a 1.6-gigawatt clean-energy portfolio.
Under the terms of the agreement, Masdar has acquired a 50 percent interest in three utility-scale wind farms in Nebraska and Texas totaling 815 megawatts (MW), and five photovoltaic (PV) solar projects in California – two of which include battery energy storage systems – totaling 689 MW of solar and 75 MW of lithium-ion battery energy storage.
The 243 MW Coyote wind project is in Scurry County, Texas; the 273 MW Las Majadas wind project is in Willacy County, Texas; and the 300 MW Milligan 1 wind project is in Saline County, Nebraska. All three wind projects are under construction and expected to begin commercial operations in the fourth quarter of 2020.
In Riverside County, California, the Desert Harvest 1 and Desert Harvest 2 PV projects total 213 MW of solar and 35 MW / 140 MWh of battery storage. Also in Riverside County are the 173 MW Maverick 1 and 136 MW Maverick 4 solar PV projects.
These four projects are also under construction and slated for commercial operations in the fourth quarter of 2020. The final project in the portfolio is Big Beau, a 166 MW solar PV and 40 MW/160 MWh battery energy storage project, which is in Kern County and will reach commercial operation in 2021. All solar projects utilize horizontal single-axis tracking technology.
Power from the diversified portfolio projects will be sold under long-term contracts to a variety of offtakers, including utilities, hedge providers and community choice aggregators (CCAs).
The eight projects have created over 2,000 jobs in the country’s clean energy sector and will displace over 3 million metric tons of carbon dioxide annually.The transaction is expected to close in the fourth quarter of 2020 as it is subject to customary regulatory approvals.
BofA Securities is acting as exclusive financial adviser to Masdar.
