Masdar achieves first acquisition close on clean energy projects in US

SectorOil & Gas

UAE - Mubasher: The UAE's Masdar has closed the first phase of the 50% acquisition of a 1.6-gigawatt (GW) clean-energy portfolio of projects in the US from EDF Renewables in North America. In 2020, Masdar and EDF Renewables agreed to partner in eight renewable energy projects, including three 815 megawatts (MW) utility-scale wind projects in Nebraska and Texas and five 689 MW photovoltaic (PV) solar projects in California, according to a press release on Monday. The wind and solar projects include lithium-ion battery energy storage systems representing 75 MW. In the final stage of construction, the three wind projects are forecast to start their commercial operations in the first quarter (Q1) of 2021.  Meanwhile, four of five solar projects in California began their commercial operations in December 2020, while the final project will be operated in December 2021.  Power from these projects will be sold under long-term contracts to a variety of utilities, hedge providers, and community choice aggregators (CCAs).

The CEO of Masdar, Mohamed Jameel Al Ramahi, said: "As the second-largest renewable energy producer in the world in terms of more...