EDF Renewables North America has closed a deal with Geenex Solar to acquire a pipeline of up to 4500MW of PV development assets in the PJM electricity market in the US for an undisclosed price.
The portfolio includes over 20 solar projects in various stages of development, with the first expected to reach commercial operation in 2023.
The pipeline acquisition brings to EDF Renewables the regional development expertise of Geenex, while the former contributes with its financial and late-stage development expertise.
EDF said the transaction will accelerate its growth in the PJM wholesale electricity market to meet the growing demands of corporate and utility customers seeking renewable energy sources.
Geenex was founded in 2012 and has a team experienced in all aspects of project development including site evaluation, land acquisition, facility and interconnection engineering, environmental analysis, as well as federal, state and local permitting.
EDF Renewables vice president of strategic development initiatives Hanson Wood said: “We were initially impressed with the team’s development expertise and distinguished high quality of solar assets.
“Their regional approach is particularly attractive as they enter markets early and foster strong and deep relationships with the local community.
“Geenex, as the largest holder of development assets in PJM market, enables EDF Renewables to expand into over five key states where solar is poised to be a market leading technology.”
Geenex chief executive Georg Veit said: “Having an industry leader such as EDFR recognize the strength and value of Geenex-developed projects is quite a testimony to the hard work of the Geenex Solar team.
“Our regional approach has enabled us to build a competitive development pipeline of over 20 projects in the PJM market.
“We are excited by the opportunity to build out this solar pipeline with a development partner such as EDFR.
“They share our vision on local engagement and long-term commitment to projects that will provide valuable economic benefits for our landowners and our communities.”
EDF Renewables was introduced to Geenex through the development and construction of the Pecan and Gutenberg solar projects in 2015.