Masdar, one of the world’s leading renewable energy developers has announced its second strategic investment in the United States in an agreement with EDF Renewables North America.
EDF Renewables, a part of France based EDF Group, specializes in renewable energy production.
According to the deal, the subsidiary of Mubadala Investment Company will buy a 50% stake in a 1.6 gigawatt (GW) clean energy portfolio from EDF Renewables.
The deal represents a new front in the partnership between EDF and Masdar, which has to date concentrated mainly on the Middle East and North African region.
Last year state-owned Masdar made its first entrance into the U.S. renewables market, buying stakes from the UK based John Laing Group.
Masdar will purchase half-stake (50%) in three wind farms totaling 815 megawatts, as well as five California solar projects — two with batteries — totaling 689 megawatts of PV and 75 megawatts of storage.
The three wind projects, 2 of which are located in Texas and one in Nebraska, are currently under construction, and commercial operations of all except one are scheduled to begin in the fourth quarter of 2020.
Mohamed Jameel Al Ramahi, CEO, Masdar.
“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.”
EDF, which is currently constructing Saudi Arabia’s largest wind farm in the Middle East in collaboration with Masdar, is likely to continue working with Masdar in the US.
About Masdar
Masdar has invested in a wide range of clean energy technologies and ventures around the world and its strategic focus goes beyond profit alone. Its portfolio extends from solar photovoltaics to concentrated solar energy, conventional offshore wind to floating turbines. The contract with EDF seems to be its biggest energy storage investment to date.
