EDP buys 50% stake in 278MW of First Solar projects in the US

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email

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.

Read Next

September 21, 2021
Private equity firm American Securities has secured a deal to acquire US solar engineering, procurement and construction (EPC) provider Swinerton Renewable Energy and its operations and maintenance (O&M) subsidiary SOLV from Swinerton Incorporated.
September 16, 2021
Energy engineering firm Babcock & Wilcox is to enter the US solar market through the acquisition of a majority stake in Illinois-based solar contractor Fosler Construction.
September 15, 2021
German multinational insurer Munich Re has acquired a 50% stake in two EDF renewable energy projects in California through its global asset management firm MEAG
PV Tech Premium
September 13, 2021
Following the release of the US Department’s Solar Futures Study, Liam Stoker assesses the downstream and upstream trends that must be realised for US solar to fulfil its potential.
September 8, 2021
Solar EPC company iSun has bolstered its presence in the US residential segment through an acquisition of installer SunCommon.
September 7, 2021
Two European solar companies have announced new acquisitions as investment company TRIG secures 234MW of assets in Spain, while Greek industrial group Mytilineos signed an agreement for 90MW in Romania

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 6, 2021
Solar Media Events
October 19, 2021
BRISTOL, UK
Solar Media Events
December 1, 2021