Munich Re Subsidiary Acquires Stake in Two EDFR Calif. Solar, Storage Projects

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Maverick 6 and seven solar tasks

EDF Renewables North America (EDFR) and MEAG, appearing in its capability as Munich Re’s international asset supervisor, have closed on a strategic funding whereby a subsidiary of Munich Re acquired a 50% stake in two renewable energy tasks in California totaling 310 MW DC of solar and 50 MW / 200 MWh of battery storage.

EDF Renewables and MEAG/Munich Re introduced final yr that that they had agreed to accomplice on the Maverick 6 Solar-plus-Storage Project, 131 MW DC solar coupled with a 50 MW/200 MWh battery energy storage system, and the Maverick 7 Solar Project with a capability of 179 MW DC. The tasks, which make the most of horizontal single-axis monitoring expertise, are situated adjoining to 1 one other in Riverside County, Calif., on federal lands inside a Solar Energy Zone and Development Focus Area, managed by the U.S. Bureau of Land Management (BLM).

“We are excited to reach this critical milestone with MEAG, “says Andres Estrada, divestiture and portfolio strategy manager for EDF Renewables. “The renewable energy industry has experienced significant volatility over the past two years. While a predictable policy environment and reliable supply chain are key to the industry’s growth, so is the steady, long-term approach to investing in the growth of the low-carbon economy from institutional partners like MEAG.”

The tasks mixed will generate sufficient clear energy to satisfy the consumption of 108,500 common California properties. This is equal to avoiding greater than 527,000 metric tons of CO2 emissions yearly.

“Maverick 6&7 are another significant step to further increase the North American renewables portfolio for Munich Re, after MEAG’s most recent investments in the area,” feedback Dr. Alexander Poll, MEAG’s market lead for U.S. infrastructure investments. “Given Munich Re’s strong position in the U.S. insurance market, we are fully committed to additional growth in the renewables space in the United States.”

“We are very pleased about this transaction and are looking forward to continuing our successful partnership history with EDF Renewables, both in Europe and the U.S.,” provides Martin Kaufmann, senior vp for MEAG’s U.S. infrastructure investments. “This investment makes an important contribution to Munich Re’s net-zero climate commitment under the Net-Zero Asset Owner Alliance (AOA), which Munich Re joined in 2020.”

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