EDP Renewables North America LLC (EDPR NA), a Houston-based company that develops, constructs, owns and operates wind farms and solar parks throughout North America, has acquired a majority interest in C2 Omega LLC, the distributed solar platform of C2 Energy Capital LLC (C2). The new company, EDPR NA Distributed Generation LLC (EDPR NA DG), will be the exclusive provider of small-scale downstream generation and energy efficiency services in the U.S. for EDPR NA.
With approximately 200 projects across 16 states, this acquisition will establish EDPR NA’s presence in the downstream solar energy market as an owner-operator of one of the largest commercial and industrial distributed generation portfolios in the U.S. EDPR will acquire an 85% equity stake in C2’s solar portfolio that includes 89 MW of operating and near completion capacity across multiple sites and a near-term pipeline of over 120 MW.
“We went through an exhaustive research and vetting process before deciding to acquire C2 based on its impressive track record, strong management team and quality of existing assets,” says Miguel Angel Prado, CEO of EDPR NA. “This investment will enable us to serve a rapidly growing market and to offer our customers a range of new services and solutions to meet their renewable energy needs.”
The platform will build on EDPR NA’s U.S. footprint of utility-scale renewable energy projects to offer reliable solar power and an entire fleet of services in the distributed generation market. C2’s management team will continue to be engaged in the day-to-day operations of EDPR NA DG. Candice Michalowicz will serve as COO and Richard Dovere will serve as chief investment officer.
The completion of this transaction is subject to customary conditions precedent. Closing is expected to occur in the first quarter. Guggenheim Securities LLC acted as financial advisor to EDPR.