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.
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