As part of the transaction, EDF will sell the stake in the 200MW Glacier’s Edge Wind project and 132MW Valentine Solar. The transaction is subject regulatory approval and customary closing conditions.
The transaction follows an earlier agreement between the two companies regarding the sale of three projects totalling 588MW. Total capacity of the two transactions equals to 920MW. EDF will retain 50% of the stake and will also provide management and operations and maintenance services.
The acquisition is part of PGGM’s growing portfolio of investments in climate solutions for PFZW, the pension fund for Dutch healthcare workers.
EDF Renewables divestiture and portfolio strategy director Nate McMurry said: “PGGM is an ideal partner for this large portfolio of EDF Renewables developed projects. Their focus on long-term investments and interest in a diverse portfolio of wind and solar projects is well aligned with our strategy in North America. This equity partnership with PGGM will help to facilitate EDF Renewables growth.”
The Glacier’s Edge Wind project is located in Cherokee County near Marcus, Iowa. This project is expected to begin operations by the end of next year.
The Valentine Solar project is located on 1,260 acres of private land in Kern County’s Mojave Desert, California and is near to EDF RE’s Catalina Solar 2 Project. This project is expected to begin operations next year and will reduce 225,000 metric tons of CO2 emission annually.
PGGM infrastructure head Erik van de Brake said: “EDF Renewables has a long track record of successful investments in the American sustainable energy market. The PGGM Infrastructure Fund is looking forward to building a strong long-term partnership with EDF Renewables.’’
