EDF Renewables North America announced the signing of two Purchase and Sale Agreements (PSA) by which PGGM Infrastructure Fund will acquire a 50 percent 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 percent co-owner and 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.’’