EDF Renewables North America & MEAG/Munich close on two Renewable Energy Projects within the United States
SAN DIEGO & NEW YORK, December 21, 2022–(BUSINESS WIRE)–EDF Renewables North America (EDFR) MEAG, acting in its capacity as Munich Re’s global asset manager, today announced the closing on a strategic investment whereby a subsidiary of Munich Re acquired a 50% stake in two renewable energy projects in California totaling 310 megawatts (MWdc) of solar and 50 MW / 200 MWh of battery storage.
EDF Renewables, MEAG/Munich Re and MEAG/Munich Re announced last summer that they would partner on the Maverick 6-plus-Storage project – 131MWdc solar combined with a 50MW/200MWh battery energy storage system and the Maverick-7 Solar Project with a maximum capacity of 179MWdc. The projects are based on horizontal single-axis tracking technology. They are located on federal lands in Riverside County California. These lands are part of a Solar Energy Zone (and Development Focus Area) managed by the U.S. Bureau of Land Management.
Andres Estrada, Divestiture & Portfolio Strategy Manager for EDF RenewablesCommenting, he stated, “We are delighted to achieve this important milestone with MEAG. In the past two decades, the volatility of renewable energy has been a major issue. While a predictable policy environment and reliable supply chain are key to the industry’s growth, so is the steady, long-term approach to investing in the growth of the low-carbon economy from institutional partners like MEAG.”
Dr. Alexander Poll, MEAG’s Market Lead for U.S. Infrastructure Investments, said, “Maverick 6&7 are another significant step to further increase the North American renewables portfolio for Munich Re, after MEAG’s most recent investments in the area. Given Munich Re’s strong position in the U.S. insurance market, we are fully committed to additional growth in the renewables space in the United States.”
Martin Kaufmann, Senior Vice President MEAG U.S. Infrastructure Investments, We are pleased with this transaction and look forward to continuing the successful partnership relationship we have had with EDF Renewables both in Europe, and the US. This investment makes an important contribution to Munich Re’s net-zero climate commitment under the Net-Zero Asset Owner Alliance (AOA), which Munich Re joined in 2020.”
All of the projects combined will generate enough clean electricity to supply enough energy for 108.500 California homes.1. This would be equivalent to avoiding 527,000 metric tons CO2.2 Emissions annually2.
EDF Renewables, one of the largest renewable energy developers in North America, is committing to providing solutions to meet California’s carbon-reduction goals. EDF Renewables has over 35 years of experience, 24 gigawatts in solar and wind storage projects, and can provide integrated energy solutions, from grid-scale power to electric car charging.
MEAG, acting for Munich Re, has invested close to five gigawatts (or more) in European and American wind, solar, or battery storage assets. MEAG plans to substantially increase its investments into the North American renewable energy space over the next years by leveraging both Munich Re’s in-house engineering expertise and MEAG’s local presence in the US.
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U.S. Energy Information Administration’s (EIA), 2020 Residential Electricity Sale and U.S. Census Data, and typical transmission assumptions. |
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Based on U.S. EPA Greenhouse Gas Equivalencies calculations, and common transmission assumptions. |
EDF Renewables North America The Company is a market leader in independent power producers and service providers with over 35 years of experience in renewable energy. The Company provides grid-scale power, including wind (onshore, offshore), solar photovoltaic and storage projects. It also offers distributed solutions: solar and solar storage. Asset optimization is technical, commercial, and operational expertise that maximizes the performance of generating plants. The Company’s PowerFlex subsidiary offers a full suite of onsite energy solutions for commercial and industrial customers: solar, storage, EV charging, energy management systems, and microgrids. EDF Renewables’ North American portfolio consists of 24 GW of developed projects and 13 GW under service contracts. EDF Renewables North America (EDF Renouvelables), the EDF Group’s renewable energy subsidiary, is EDF Renewables North America. More information is available at: www.edf-re.com. Get in touch with us LinkedIn, Facebook Twitter.
MEAG
MEAG manages the assets for Munich Re and ERGO. It has representatives in Europe, Asia, and North America. They also offer their extensive knowledge to private and institutional customers. MEAG currently manages assets to the value of around € 334 billion, around € 67 billion of which in its business with institutional investors and private customers.
MEAG, on behalf of Munich Re and other non-US institutional buyers, invests in alternative assets in North America. MEAG’s most recent infrastructure equity investments in the US comprise investments into renewables development platform Longroad Energy Holdings, various acquisitions via its parking platform Interpark and its water platform SWWC, as well as New York’s Astoria Energy Partners and Long Beach Container Terminal.
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Contacts
EDFR: Sandi Briner, [email protected]
MEAG: Josef Wild, Spokesperson [email protected]