EDF Renewables & Munich Re’s MEAG to Invest in US Renewable Energy Projects

The United States is witnessing unprecedented growth in renewable energy. In a key development, EDF Renewables North America and MEAG, acting in its capacity as Munich Re’s global asset manager, announced the closing on a strategic investment whereby a subsidiary of Munich Re acquired a 50% stake in two renewable energy projects in California. The total capacity of the renewable energy projects is 310 MWdc of solar and 50 MW/200 MWh of battery storage.

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

The projects utilize horizontal single-axis tracking technology. Both are adjacent and located in within a Solar Energy Zone and Development Focus Area, said EDF Renewables.

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

Andres Estrada, Divestiture & Portfolio Strategy Manager, EDF Renewables, said, “The renewable energy industry has experienced significant volatility over the past two years. While a predictable policy environment and reliable supply chain are key to the industry’s growth, so is the steady, long-term approach 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, said, “Maverick 6&7 are another significant step to further increase the North American renewables portfolio for Munich Re, after MEAG’s most recent investments in the area. Given Munich Re’s strong position in the U.S. insurance market, we are fully committed to additional growth in the renewables space in the United States.”

As per the official statement of EDF Renewables, the RE projects combined can power 108,500 California homes. This is equivalent to avoiding more than 527,000 metric tons of CO2 emissions annually.

EDF Renewables said that it is committing to provide solutions to meet California’s carbon-reduction goals as it has 35 years of experience and 24 GW of wind, solar, and storage projects developed. MEAG, acting on behalf of Munich Re, has invested in close to 5 GW of wind, solar and battery storage assets in Europe and the US.