EDF Renewables North America and German international insurer Munich Re have closed on a transaction for two renewable energy projects in California, the US, first announced 15 months ago.
Munich Re has closed the deal to acquire a 50% stake in the solar and solar-plus-storage projects with a total capacity of 310MW of solar PV and 50MW/200MWh of battery storage.
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The companies agreed the deal back in September 2021 for the Maverick 6 solar-plus-storage and Maverick 7 solar plant with the transaction expected to close, at the time, during Q1 2022. The deal has been done through Munich Re’s global asset manager MEAG.
The projects are situated adjacent to each other in Riverside County’s Solar Energy Zone and Development Focus Area, on federal land managed by the US Bureau of Land Management.
Acting on behalf of Munich Re, MEAG has invested in nearly 5GW of solar, wind and battery storage assets in Europe and the US, and plans to increase its investments in North American renewable energy assets over the next years.
Last August MEAG led an investment for the German insurer and two existing funds on US developer, owner and asset manager Longroad Energy which secured US$500 million to support its business model shift from a “develop to sale” strategy to the ownership of renewable projects in the US.
Andres Estrada, divestiture & portfolio strategy manager at EDF Renewables, said: “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.”
