SAN DIEGO – EDF Renewables North America announced today the signing of two Purchase and Sale Agreements (PSA) by which PGGM Infrastructure Fund will acquire a 50% ownership interest in the following projects: Glacier’s Edge Wind and Valentine Solar. Combined capacity of the projects is 332 megawatts (MW). Completion of the transaction is subject to regulatory approval and customary conditions precedent.
This transaction follows on an earlier agreement between the two companies concerning three projects for 588 MW. Total capacity of the portfolio (five projects in total) is 920 MW. EDF Renewables will remain a 50% co-owner and will provide management as well as operations and maintenance services.
The agreement with EDF Renewables is part of PGGM’s fast-growing portfolio of investments in climate solutions for PFZW, the pension fund for Dutch healthcare workers. At this stage PGGM has realized €7 bn. of these investments both in private and public markets. These investments generate market rate financial returns and have measurable positive impact on the world’s carbon footprint.
Nate McMurry, director, divestiture and portfolio strategy for EDF Renewables commented, “PGGM is an ideal partner for this large portfolio of EDF Renewables developed projects. Their focus on long-term investments and interest in a diverse portfolio of wind and solar projects is well aligned with our strategy in North America. This equity partnership with PGGM will help to facilitate EDF Renewables growth.”
Erik van de Brake, head of infrastructure at PGGM commented, “EDF Renewables has a long track record of successful investments in the American sustainable energy market. The PGGM Infrastructure Fund is looking forward to building a strong long-term partnership with EDF Renewables.’’
EDF Renewables is one of the largest renewable energy developers in North America with 10 gigawatts of wind, solar, storage, biomass and biogas projects developed throughout the U.S., Canada, and Mexico.
About EDF Renewables:
EDF Renewables is a market leading independent power producer and service provider with over 30 years of expertise in renewable energy. The Company delivers grid-scale power: wind (onshore and offshore), solar photovoltaic, and storage projects; distributed solutions: solar, solar+storage, EV charging and energy management; and asset optimization: technical, operational, and commercial skills to maximize performance of generating projects. EDF Renewables’ North American portfolio consists of 10 GW of developed projects and 10 GW under service contracts. EDF Renewables is a subsidiary of EDF Energies Nouvelles, the dedicated renewable energy affiliate of the EDF Group.
For more information visit: www.edf-re.com
PGGM is a cooperative Dutch pension fund service provider. Institutional clients are offered: asset management, pension fund management, policy advice and management support. On June 30, 2018 PGGM had EUR 215 billion in assets under management and was administrating pensions of 4.2 million participants. Around 750,000 workers in the Dutch healthcare are connected to PGGM&CO, our members organization. Either alone or together with strategic partners, PGGM develops future solutions by linking together pension, care, housing and work.