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EDPR Acquires 50% Stake in 278 MW Portfolio of 3 Solar Projects in US

Power News - Published on Tue, 12 Nov 2019

Image Source: edpr
Leader in the renewable energy EDP Renewables has taken a huge leap forward in its future global installed capacity through the addition of 1,533 MW. The company, through its fully owned subsidiary EDP Renewables North America LLC, announced last week the acquisition of a 50% stake in a 278 MW portfolio of three solar projects in the United States, and that it had secured a contract to develop 804 MW of offshore wind power, also in the United States, through a joint venture in which EDPR holds 50% of share capital. The first portfolio, made up of three solar energy plants, was developed by First Solar Inc. It is expected to commence operations in the coming months and is secured by Power Purchase Agreements. The second announcement involves an agreement to supply 804 MW of clean and renewable offshore wind energy enough to power approximately half a million homes to customers in the state of Massachusetts.

These additions round off two successful weeks for EDPR that got underway on October 23, with the awarding of 490 MW in Colombia, officially marking EDPR’s entry into its 14th market, followed by being awarded a contract to build and transfer 302 MW in Indiana and the signing of another PPA, this time for 200 MW of solar energy, in California.

Following these five agreements in two weeks, EDPR has now secured over 70% of its global installed capacity target of 7.0 GW, as laid out in the company’s business plan for the period 2019-2022. Specifically, over the last ten days, the company has attained over 20% of its target.

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Posted By : Arun Huidrom on Tue, 12 Nov 2019
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