Munich Re has closed a deal with EDF Renewables to acquire a 50% stake in two projects in California totalling 310MW (DC) of solar and 50MW of battery storage.
MEAG, acting in its capacity as Munich Re’s global asset manager, closed the investment, following on from EDF Renewables and MEAG/Munich Re agreeing in 2021 to partner on the Maverick 6 Solar-plus-Storage Project (131MW, DC) coupled with a 50MW battery and the Maverick 7 solar project (179MW, DC).
The projects, which use horizontal single-axis tracking technology, are located adjacent to one another in Riverside County California on federal lands within a Solar Energy Zone and Development Focus Area, managed by the US Bureau of Land Management (BLM).
Andres Estrada, Divestiture & Portfolio Strategy Manager for EDF Renewables, said: “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.”