UAE-based renewable energy company Masdar is set to acquire a 50% stake in EDF Renewables North America’s 1.6GW clean-energy portfolio in the US.
Financial details of the deal have not been disclosed.
According to the deal, Masdar will acquire a stake in three utility-scale wind farms. These include the 243MW Coyote wind project in Scurry County, Texas; the 273MW Las Majadas wind project in Willacy County, Texas; and the 300MW Milligan 1 wind project in Saline County, Nebraska.
The three wind farms have a combined capacity of 815MW and are currently under construction. The company expects the farms to come online in the fourth quarter of this year.
As part of the deal, Masdar will also invest in five photovoltaic (PV) solar projects in California. These include the 173MW Maverick 1 and 136MW Maverick 4 projects in Riverside County.
It also includes the Desert Harvest 1 and Desert Harvest 2 PV projects, totalling 213MW of solar and 35MW/140MWh of battery storage. Two of the five solar projects include battery energy storage systems, with a total capacity of 689MW of solar and 75MW of lithium-ion battery energy storage.
These four projects are under construction and will begin commercial operations before the end of 2020.
The final project is Big Beau, a 166MW solar PV and 40MW/160MWh battery energy storage project currently being built in Kern County. This will reach its commercial operations phase in 2021.
Masdar CEO Mohamed Jameel Al Ramahi said: “We are delighted to expand our presence there through this landmark deal to invest in eight clean energy assets in California, Nebraska and Texas, and to further strengthen our global partnership with EDF Renewables.”
The transaction is subject to customary regulatory approvals and is expected to be completed in the fourth quarter of this year.