Abu Dhabi, April 12, 2023 (WAM) – Masdar has expanded its presence in the renewable energy market in the United States after finalizing the acquisition of a 50% stake in a solar and battery storage joint venture from EDF Renewables North America.
The Big Beau project, located in California, consists of a 128-megawatt (MWac) photovoltaic solar power system and a 40-megawatt/160-megawatt-hour battery energy storage system. It is one of eight projects in which Masdar and EDF Renewables have agreed to collaborate, with a combined capacity of 1.6 gigawatts.
Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, President Designate of COP28 and President of Masdar, said: “Big Beau and other projects we work with EDF Renewables are already actively contributing to the clean energy goals in the United States, which highlights the strength of the UAE-US relationship. on which PACE’s latest announcement seeks to build.
“If we are to keep the goal of limiting global warming to 1.5 degrees alive, we need to see countries unite in concerted action – a major focus of the upcoming COP28 conference in the UAE. Partnerships between companies such as Masdar and EDF Renewables are also is vital to ensuring that emissions are contained, not progressed.”
Tristan Grimbert, President and CEO, EDF Renewables North America, said: “EDF Renewables’ partnership with Masdar has a history of success, and today we celebrate another project we add to our growing portfolio.
Decarbonising the energy sector will require the combined efforts of developers, buyers and investors working collaboratively to achieve ambitious goals. We are grateful for our manufacturing partnership with Masdar, which is built on a foundation of progress.”
Masdar and EDF Renewables North America agreed in 2020 to collaborate on a 1.6 GW portfolio, which includes three utility-scale wind projects in Nebraska and Texas totaling 815 MW and five solar projects in California totaling 689 MW – two of which include battery energy storage. Systems accounted for 75 MW.
All projects are in operation and together they offset more than 3 million tons of emissions annually.
In January, Emirati and American officials announced that $20 billion would be allocated to finance 15 gigawatts of clean energy projects in the United States before 2035, led by Masdar and a group of American private investors. Within the framework of the Partnership for Clean Energy Acceleration (PACE) between two countries.
Mohammed Jamil Al Ramahi, CEO of Masdar, said: “Masdar has a strong working relationship with EDF that originated in the Middle East and now extends around the world, and we are delighted to strengthen this relationship today. We are also committed to growing our operations in the US over the next few years and see it as a very important strategic market for Masdar.
“I look forward to increasing our presence in the US as an independent power developer and producer as part of our global expansion to reach at least 100 gigawatts by the end of this decade.”
EDF Renewables, one of North America’s largest developers of renewable energy, is committed to providing solutions to decarbonise the energy sector. With 35 years of experience, 16 GW of developed wind, solar and storage projects and 13 GW of O&M contracts, EDF Renewables provides integrated power solutions from grid-scale power to electric vehicle charging.
Masdar recently announced a new shareholder structure and an added focus on green hydrogen, making it one of the largest clean energy companies of its kind.
Aiming to achieve 100 gigawatts of renewable energy capacity and green hydrogen production of 1 million tons per year by 2030, Masdar Al Jadeeda is a clean energy plant that will spearhead the UAE’s strategic Net Zero initiative by 2050 and lead the global initiative. energy transmission.
Translated by: Hussein Abu Al-Ela.
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