EDF Renewables North America (EDFR) and MEAG, acting in its capacity as Munich Re’s global asset manager, have closed on a strategic investment whereby a subsidiary of Munich Re acquired a 50% stake in two renewable energy projects in California totaling 310 MW DC of solar and 50 MW / 200 MWh of battery storage.
EDF Renewables and MEAG/Munich Re announced last year that they had agreed to partner on the Maverick 6 Solar-plus-Storage Project, 131 MW DC solar coupled with a 50 MW/200 MWh battery energy storage system, and the Maverick 7 Solar Project with a capacity of 179 MW DC. The projects, which utilize horizontal single-axis tracking technology, are located adjacent to one another in Riverside County, Calif., on federal lands within a Solar Energy Zone and Development Focus Area, managed by the U.S. Bureau of Land Management (BLM).
“We are excited to reach this critical milestone with MEAG, “says Andres Estrada, divestiture and portfolio strategy manager for EDF Renewables. “The renewable energy industry has experienced significant volatility over the past two years. While a predictable policy environment and reliable supply chain are key to the industry’s growth, so is the steady, long-term approach to investing in the growth of the low-carbon economy from institutional partners like MEAG.”
The projects combined will generate enough clean energy to meet the consumption of 108,500 average California homes. This is equivalent to avoiding more than 527,000 metric tons of CO2 emissions annually.
“Maverick 6&7 are another significant step to further increase the North American renewables portfolio for Munich Re, after MEAG’s most recent investments in the area,” comments Dr. Alexander Poll, MEAG’s market lead for U.S. infrastructure investments. “Given Munich Re’s strong position in the U.S. insurance market, we are fully committed to additional growth in the renewables space in the United States.”
“We are very pleased about this transaction and are looking forward to continuing our successful partnership history with EDF Renewables, both in Europe and the U.S.,” adds Martin Kaufmann, senior vice president for MEAG’s U.S. infrastructure investments. “This investment makes an important contribution to Munich Re’s net-zero climate commitment under the Net-Zero Asset Owner Alliance (AOA), which Munich Re joined in 2020.”