EDF Renewables North America and MEAG, acting in its capacity as Munich Re’s global asset manager, announced a strategic investment whereby a subsidiary of Munich Re will acquire a 50% stake in two renewable energy projects in California.
The Maverick 6 Solar-plus-Storage Project is 131 MWdc coupled with a 50 MW/200 MWh battery energy storage system. The Maverick 7 Solar Project has a capacity of 179 MWdc. The projects, which utilize horizontal single-axis tracking technology, are located adjacent to one another in Riverside County on federal lands within a Solar Energy Zone and Development Focus Area, managed by the U.S. Bureau of Land Management (BLM). Both projects are in construction with operations to commence in December 2021.
“We are very pleased to announce this strategic partnership with MEAG, who shares EDF Renewables’ long-term investment focus and commitment to decarbonization,” said Nate McMurry, vice president, divestiture and portfolio strategy for EDF Renewables. “Securing the volume of capital investment required to successfully address climate change is one of the 21st century’s critical challenges; partnerships between developers of high-quality renewable energy projects and major institutional investors like MEAG are an important avenue to accelerate the growth of clean energy.”
MEAG's Management Board Member Holger Kerzel said the project fulfills the company's high expectations for sustainable investments. She added that by further expanding MEAG's renewable energy portfolio in the U.S., it is helping to prevent climate-damaging emissions. "We are very pleased about this transaction and are looking forward to a successful partnership with EDF Renewables,“ said Kerzel.
The company said in a news release that the projects combined will generate enough clean energy to meet the consumption of 116,500 average California homes; this is equivalent to avoiding more than 527,000 metric tons of CO2 emissions annually.
The transaction, expected to close in the first quarter of 2022, is subject to customary regulatory approvals. Macquarie Capital acted as exclusive financial advisors.
