UAE outfit Masdar has struck a deal with EDF Renewables North America to acquire 50% stakes in renewable energy projects in the US totalling 1600MW.
Under the terms of the agreement, Masdar is buying interests in three wind farms in Nebraska and Texas totalling 815MW and five solar projects in California – two of which include energy storage – totalling 689MW of PV and 75MW of lithium-ion batteries.
The wind farms are the 243MW Coyote and 273MW Las Majadas in Texas and the 300MW Milligan 1 (pictured) in Nebraska.
All three wind projects are currently under construction and expected to begin commercial operations in the fourth quarter of 2020.
The solar farms comprise Desert Harvest 1 and 2, which have combined capacity of 213MW plus 35MW of storage and the 173MW Maverick 1 and 136MW Maverick 4.
These four projects are also under construction and slated to come online in the fourth quarter of this year.
The final project in the portfolio is the 166MW Big Beau, which also has 40MW of storage.
It will reach commercial operation in 2021.
Power from projects will be sold under long-term contracts to a variety of offtakers, including utilities, hedge providers and community choice aggregators, EDF said.
Masdar chief executive Mohamed Jameel Al Ramahi said: “As the second largest renewable energy producer in the world in terms of installed power capacity, the US offers considerable scope for further growth and diversification of our renewable energy portfolio.
“We are delighted to expand our presence there through this landmark deal to invest in eight clean energy assets in California, Nebraska and Texas, and to further strengthen our global partnership with EDF Renewables.”
Masdar made its first entry into the US market last year, acquiring a 50% interest in two wind farms in Texas and New Mexico.
EDF Renewables North America president and chief executive Tristan Grimbert said: “EDF’s collaboration with Masdar runs deep in the Middle East and North Africa already.
“This deal writes a new chapter of cooperation between our two companies focused on the North American market.
“I would like to highlight the exceptional quality of work for both the Masdar and EDF Renewables North America teams over the last year to execute this transaction in particularly troubled times.”
The transaction is expected to close in the fourth quarter of 2020 as it is subject to customary regulatory approvals.