EDF to shed 50% of 310-MWp California solar bundle to Munich Re

The Maverick 6 & 7 Solar Projects in Riverside County, California. Image by: EDF Renewables North America.

September 15 (Renewables Now) - German reinsurer Munich Re (ETR:MUV2) is set to buy a 50% stake in 310 MW DC of solar projects in California, one of which with battery storage, from developer EDF Renewables North America.

The interest will be acquired by a subsidiary of Munich Re, through asset manager MEAG, which manages the assets of the German reinsurance company. The deal concerns the 131-MW DC Maverick 6 solar scheme that will be coupled with a 50-MW/200-MWh battery storage system and the 179-MW DC Maverick 7 solar project, EDF said on Tuesday.

Both solar parks are being installed on land managed by the federal government in California’s Riverside County. Once they kick off commercial operations in December, they will form part of the Palen Solar complex.

Deploying horizontal single-axis tracking technology, Maverick 6 and 7 are expected to generate enough electricity to cover the annual power consumption of around 116,500 average homes in California. Maverick 6 has in place a power purchase agreement (PPA) with CleanPowerSF, a not-for-profit programme operated by San Francisco Public Utilities Commission, while Maverick 7 is contracted by Shell Energy North America US LP (SENA).

Macquarie Capital acted as exclusive financial advisor to the deal, the closing of which is seen to take place in the first quarter of 2022.

More stories to explore
Share this story
About the author
Browse all articles from Veselina Petrova

Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

More articles by the author
5 / 5 free articles left this month
Get 5 more for free Sign up for Basic subscription
Get full access Sign up for Premium subscription