Energias de Portugal (EDP), through its subsidiary EDP Renewables North America LLC, has acquired a 50% stake in a 278MW US solar portfolio that was developed by First Solar.
EDP expects to make an equity investment of US$150 million for the full construction and net of the expected tax equity financing.
The portfolio of three projects is expected to come online over the coming months. All the plants have secured long-term power purchase agreements.
EDP is set to reach 1.2GW of solar capacity installed by 2022, with 1.1GW currently contracted and some capacity already in operation. The company strategy announced in March was to expand its solar base and rotate its assets. The firm has now secured around 70% of the roughly 7GW (5-5.5GW wind / 1.5-2GW solar) targeted globally for the 2019-2022 period. It is focusing on Spain, Brazil, Portugal and the US for its deployment.
In related news, ‘Solar Module Super League’ (SMSL) member, First Solar said it was sold out of thin-film cadmium telluride (CdTe) solar modules through the second half of 2021 as the company continues to ramp its Series 6 larger-area modules.