EDF Renewables North America (EDFR) and MEAG, a European firm acting in its capacity as Munich Re’s global asset manager, announced a strategic investment whereby a subsidiary of Munich Re will acquire a 50 percent stake in two renewable energy projects in California.
“Securing the volume of capital investment required to successfully address climate change is one of the 21st century’s critical challenges; partnerships between developers of high-quality renewable energy projects and major institutional investors like MEAG are an important avenue to accelerate the growth of clean energy,” said Nate McMurry, vice president, divestiture and portfolio strategy, for EDF Renewables.
The Maverick 6 Solar-plus-Storage Project is 131 megawatts of direct current (MWdc) coupled with a 50-megawatt/200 megawatt-hour battery energy storage system. The Maverick 7 Solar Project has a capacity of 179 megawatts of direct current. The projects, which utilize horizontal single-axi