EDF Renewables North America (EDFR) and MEAG, appearing in its capability as world asset supervisor for Munich Re, have closed a strategic funding whereby a subsidiary of Munich Re acquires a 50% stake in two renewable power initiatives in California with a complete of 310 MW DC in photo voltaic and 50 MW / 200 MWh battery storage.
EDF Renewables and MEAG/Munich Re introduced final 12 months that they agreed to accomplice on the Maverick 6 Photo voltaic-plus-Storage Challenge, a 131 MW DC photo voltaic coupled with a 50 MW/200 MWh battery power storage system, and the Maverick 7 Photo voltaic Challenge with a capability of 179 MW DC. The initiatives, which use horizontal single-axis monitoring know-how, are positioned subsequent to one another in Riverside County, Calif., on federal land inside the Photo voltaic Power Zone and Improvement Focus Space, managed by the US Bureau of Land Administration (BLM ).
“We’re excited to succeed in this important milestone at MEAG,” mentioned Andres Estrada, divestiture and portfolio technique supervisor for EDF Renewables. “The renewable power business has skilled lots of change over the previous two years. Whereas a predictable coverage setting and dependable provide chain are key to the business’s development, so are the sustainable, long-term method to investing in low-carbon financial development from institutional companions equivalent to MEAG.
The initiatives mixed will generate sufficient clear power to fulfill the consumption of 108,500 common houses in California. That is equal to avoiding greater than 527,000 metric tons of CO2 emissions per 12 months.
“Maverick 6&7 is one other essential step to additional develop the North American renewables portfolio for Munich Re, following MEAG’s most up-to-date funding within the space,” commented Dr. Alexander Ballot, MEAG’s market chief for US infrastructure investments. “Given Munich Re’s sturdy place within the US insurance coverage market, we’re totally dedicated to additional development within the renewables area in the US.”
“We’re very enthusiastic about this transaction and stay up for persevering with our profitable partnership historical past with EDF Renewables, each in Europe and within the US,” added Martin Kaufmann, MEAG’s senior vice chairman for infrastructure investments in US. “This funding makes an essential contribution to Munich Re’s net-zero local weather dedication below the Internet-Zero Asset Proprietor Alliance (AOA), which Munich Re will take part 2020.”
