EDF Renewables North America (EDFR) and MEAG, acting in its capacity as Munich Re’s global asset manager, have signed a strategic investment agreement 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 MW DC, coupled with a 50 MW/200 MWh battery energy storage system. The Maverick 7 Solar Project has a capacity of 179 MW DC. 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. 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,” comments 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.”
“This project fulfills our high expectations for sustainable investments,” says Holger Kerzel, Member of MEAG’s Management Board. “By further expanding our renewable energy portfolio in the U.S., we are helping to prevent climate-damaging emissions. We are very pleased about this transaction and are looking forward to a successful partnership with EDF Renewables.”
The transaction, expected to close in the first quarter of 2022, is subject to customary regulatory approvals. Macquarie Capital acted as exclusive financial advisors.