EDF Renewables & Munich Re's MEAG to Invest in United States Renewable Energy Projects

• A subsidiary of Munich Re acquired a 50% stake in 2 renewable energy projects in California.
• The complete capacity of the renewable energy projects is 310 MWdc of solar and also 50 MW/200 MWh of battery storage.

The USA is witnessing extraordinary growth in renewable energy. In a key development, EDF Renewables North America and also MEAG, acting in its capacity as Munich Re's global asset manager, revealed the closing on a strategic financial investment whereby a subsidiary of Munich Re got a 50% risk in 2 renewable energy projects in California. The total capacity of the renewable energy projects is 310 MWdc of solar and also 50 MW/200 MWh of battery storage.

EDF Renewables and also MEAG/Munich Re concurred last year to partner on the Maverick 6 Solar-plus-Storage Project of 131 MWdc coupled with a 50 MW/200 MWh battery power storage system, as well as the Maverick 7 Solar Project with a capacity of 179 MWdc.

The projects make use of horizontal single-axis tracking innovation. Both are adjacent and located in within a Solar Energy Zone as well as Development Focus Area, stated EDF Renewables.

EDF Renewables is an IPP whose portfolio consists of 24 GW of developed projects and 13 GW under solution contracts. MEAG handles the assets of Munich Re and ERGO.

Andres Estrada, Divestiture & Portfolio Strategy Manager, EDF Renewables, stated, "The renewable energy sector has experienced substantial volatility over the past 2 years. While a predictable plan atmosphere and also reliable supply chain are key to the market's development, so is the stable, long-term strategy to investing in the growth of the low-carbon economy from institutional partners like MEAG."

Dr. Alexander Poll, MEAG's Market Lead for U.S. Infrastructure Investments, stated, "Maverick 6 & 7 are an additional considerable step to further rise the North American renewables portfolio for Munich Re, after MEAG's latest investments in the location. Offered Munich Re's solid setting in the united state insurance coverage market, we are completely committed to additional growth in the renewables area in the USA."

As per the official statement of EDF Renewables, the RE projects integrated can power 108,500 California homes. This amounts avoiding greater than 527,000 metric tons of CO2 discharges yearly.

EDF Renewables claimed that it is committing to give solutions to satisfy California's carbon-reduction goals as it has 35 years of experience and also 24 GW of wind, solar, and storage projects established. MEAG, acting on part of Munich Re, has actually invested in near 5 GW of wind, solar and also battery storage space assets in Europe and the United States.