EDF Renewables North America (EDFR) has completed the acquisition of nearly 4.5GWac of solar asset portfolio located across the Pennsylvania, Jersey, Maryland (PJM) region in the US from Geenex Solar (Geenex).
Financial details of the deal have not been disclosed by the companies.
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As part of the deal, EDFR acquired a portfolio of more than 20 solar projects, which are said to be in various stages of development.
The first projects are expected to begin commercial operations in 2023 with other projects to follow.
Through this pipeline acquisition, EDFR aims to enhance its presence in the PJM region’s wholesale electricity market, and cater to the requirements of corporate and utility customers seeking for cost-effective renewable energy sources.
EDF Renewables Strategic Development Initiatives vice-president Hanson Wood said: “We were initially impressed with the team’s development expertise and distinguished high quality of solar assets.
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By GlobalData“Their regional approach is particularly attractive as they enter markets early and foster strong and deep relationships with the local community.
“Geenex, as the largest holder of development assets in the PJM market, enables EDF Renewables to expand into over five key states where solar is poised to be a market-leading technology.”
Established in 2012, Geenex has been engaged in the development of utility-scale solar projects with capacities ranging from 20MW to more than 400MW.
With a team of experts, Geenex is involved in various phases of project development ranging from site evaluation, land acquisition, facility and interconnection engineering to environmental analysis, as well as federal, state and local permitting.
Geenex CEO Georg Veit said: “Having an industry leader such as EDFR recognise the strength and value of Geenex-developed projects is quite a testimony to the hard work of the Geenex Solar team.
“Our regional approach has enabled us to build a competitive development pipeline of over 20 projects in the PJM market.
“We are excited by the opportunity to build out this solar pipeline with a development partner such as EDFR. They share our vision on local engagement and long-term commitment to projects that will provide valuable economic benefits for our landowners and our communities.”
In January last year, EDF Renewables North America closed an agreement to buy 300MW Milligan 1 Wind Project in Nebraska, US, for an undisclosed amount.
