EDF Renewables North America has signed off on two Purchase and Sale Agreements (PSA) that will see PGGM Infrastructure Fund acquire a 50% ownership interest in both Glacier’s Edge Wind and Valentine Solar.
In total, the combined generation capacity of these two projects is 332MW. Valentine Solar has a generation capacity of 132MW and is located in Kern County, California.
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This latest deal follows an earlier agreement between EDF and PGGM revolving around three projects for 588MW. EDF Renewables will remain a 50% co-owner and provide management as well as operations and maintenance services.
This transaction with EDF Renewables stands as part of PGGM’s growing portfolio of investments in climate solutions for PFZW, the pension fund for Dutch healthcare workers.
Nate McMurry, director, divestiture and portfolio strategy for EDF Renewables, said: “PGGM is an ideal partner for this large portfolio of EDF Renewables developed projects. Their focus on long-term investments and interest in a diverse portfolio of wind and solar projects is well aligned with our strategy in North America. This equity partnership with PGGM will help to facilitate EDF Renewables growth.”
Erik van de Brake, head of infrastructure at PGGM, added: “EDF Renewables has a long track record of successful investments in the American sustainable energy market. The PGGM Infrastructure Fund is looking forward to building a strong long-term partnership with EDF Renewables.’’