EDF acquires 4.5GW US solar pipeline, targets further growth in PJM market

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
Image: EDF Renewables North America.

EDF Renewables North America has acquired a pipeline of more than 20 US solar assets from project developer Geenex Solar, totalling more than 4.5GW of capacity.

The transaction consists of a portfolio of up to 4.5GWac of projects located in PJM, a regional transmission organisation for 13 US states and the District of Columbia, with the first parks expected to begin commercial operation in 2023.

EDF said the deal will accelerate its growth in PJM to meet the growing demands of corporate and utility customers seeking cost-effective renewable energy.

EDF Renewables and Geenex previously collaborated on the development and construction of the Pecan and Gutenberg solar projects, which are located in North Carolina and were sold to Dominion Energy.

Hanson Wood, vice president, strategic development initiatives, EDF Renewables (EDFR), hailed Geenex Solar’s regional approach and strategy of entering markets early. “Geenex, as the largest holder of development assets in PJM market, enables EDF Renewables to expand into over five key states where solar is poised to be a market-leading technology,” he said.

Founded in 2012, Geenex is focused on PJM interconnected projects in the US Southeast and Midwest, and has developed solar parks ranging in size from 20MW to more than 400MW.

“Having an industry leader such as EDFR recognise the strength and value of Geenex-developed projects is quite a testimony to the hard work of the Geenex Solar team. Our regional approach has enabled us to build a competitive development pipeline of over 20 projects in the PJM market,” said Georg Veit, CEO of Geenex.

EDF Renewables’ North American portfolio consists of 16GW of developed projects and 11GW under service contracts. The company earlier this year sold a 50% stake in 689MW of US solar assets to Abu Dhabi-based Masdar.

Read Next

December 9, 2021
Investment firm KKR has launched a new utility-scale solar and energy storage development platform, dubbed Stellar Renewable Power.
December 6, 2021
Italian energy company Edison has sold a 49% stake in its renewables division to Crédit Agricole Assurances (CAA) to accelerate its growth plan that aims to deploy 4GW of solar PV and wind by 2030
December 2, 2021
Enel Green Power has named Paolo Romanacci as the new head of its North America division, overseeing all renewables activities in the US and Canada.
December 1, 2021
Major US bank Wells Fargo has closed its maiden tax equity investment into a colocated solar-storage project currently under construction in New Mexico, US.
December 1, 2021
Tech major Amazon has added a further 2GW to its committed utility-scale solar PV capacity, adding projects in the US and Europe to its renewables portfolio.
November 30, 2021
JinkoSolar has slashed its shipments guidance for the year, reducing its top end guidance by more than 5GW as it blamed ongoing logistics issues and port blockages.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
December 21, 2021
Free Webinar
Solar Media Events
February 1, 2022
London, UK
Solar Media Events
February 23, 2022
London, UK
Solar Media Events
March 23, 2022
Austin, Texas, USA
Solar Media Events
March 29, 2022
Lisbon, Portugal

PV TECH POWER VOLUME 29 OUT NOW—Get 35% off your first year

Solar’s 2030 blueprint