EDF sells US wind/PV stakes
PGGM fund takes 50% interest in two projects totalling 332MW
EDF Renewables North America is selling 50% interests to PGGM Infrastructure Fund in the 200MW Glacier’s Edge wind farm in Iowa and 132MW Valentine solar facility in California for an undisclosed price.
Completion of the sale is subject to regulatory approval and customary conditions precedent, EDF said.
EDF maintains a 50% stake in the projects and will provide management and operations and maintenance services for the projects.
The deal follows an earlier agreement between the two companies for PGGM to take 50% stakes in the 200MW Red Pine and 154MW Rock Falls wind farms in Minnesota and Oklahoma, respectively, and the 234MW Switch Station 1&2 solar plant in Nevada.
PGGM invests in climate change-related solutions for PFZW, a pension fund for Dutch healthcare workers. It has currently invested €7bn in private and public markets.
EDF Renewables director, divestiture and portfolio strategy Nate McMurry said: “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.”
PGGM head of infrastructure Erik van de Brake said: “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.”