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.
Following the successful launch of Energy Storage Summit USA, we are pleased to announce its return for a 2nd year. Renowned for its quality, breadth and expertise, this event features an all-encompassing range of strategic and technical sessions on the adoption and deployment of storage. Key market drivers such as the falling price of lithium-ion batteries, investment in electric vehicle infrastructure, FERC Order 841, government incentives, grid modernization, transition from dependency on the networks to a desire for autonomy and intermittent renewable sources, all add to an exciting time for the Energy Storage value chain.
Intersolar North America is the first major solar + energy storage event of the year that connects innovators and decision makers. With a dynamic exhibition floor and robust conference program, #isna2020 provides business-to-business professionals a platform to advance business, expand education, and drive networking. Immerse yourself in three days of best-in-class conference programming and special exhibits and pavilions that showcase the industry trends, innovative solutions, and emerging talent transforming the solar, energy storage, and e-mobility markets: Join us February 4-6, 2020 at the San Diego Convention Center in San Diego, California.