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.
The first project, Maverick 6, is a 131MW solar-plus-storage system with a 50MW / 200MWh battery, whereas the second, Maverick 7, is a 179MW solar farm. Both are currently under construction and are expected to come online in December of this year.
Located adjacent to one another in Riverside County, they are situated on federal land within a Solar Energy Zone and Development Focus Area and are controlled by the US Bureau of Land Management (BLM).
“We are very pleased to announce this strategic partnership with MEAG, who shares EDF Renewables’ long-term investment focus and commitment to decarbonisation,” said Nate McMurry, vice president of divestiture and portfolio strategy for EDF Renewables.
Acting on behalf of Munich Re, MEAG has over 1GW of wind and solar assets under management in the US and Europe and intends to increase its investment in the US market. Across all its clients and operations, MEAG currently manages assets to the value of around €334 billion (US$395 billion), according to a company media release.
“Partnerships between developers of high-quality renewable energy projects and major institutional investors like MEAG are an important avenue to accelerate the growth of clean energy,” added McMurry.
Holger Kerzel, a member of MEAG’s management board, said the projects “fulfil [MEAG’s] high expectations for sustainable investments”.
Although subject to regulatory approval, the transaction is expected to close in the Q1 2022. Macquarie Capital acted as exclusive financial advisors.
The acquisition comes on the back of EDF subsidiary PowerFlex offering commercial and industrial (C&I) customers onsite solar.