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EU Action Plan Proposes 40% Investment In Electricity Grids Till 2030
UAE renewables major Masdar has acquired 50% stake in a combined solar and battery storage project from EDF Renewables North America. The Big Beau project, located in California, comprises a 128-MW solar PV plant and a 160 MWh BESS.
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It is one of eight projects that Masdar and EDF Renewables have agreed to jointly partner in, with a combined capacity of 1.6 GW.
Dr Sultan Al Jaber, Chairman of Masdar, said, “Big Beau and the other projects that we are operating with EDF Renewables are already making an active contribution to US clean energy targets, highlighting the strength of the UAE-US relationship that the recent PACE announcement seeks to build on.”
Tristan Grimbert, President & CEO, EDF Renewables North America, said, “Decarbonization of the energy sector will take the combined effort of developers, offtakers, and investors alike working in collaboration toward ambitious goals. We are grateful for our productive partnership with Masdar built on a foundation of progress.”
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Masdar and EDF Renewables North America agreed in 2020 to jointly partner in the 1.6 GW portfolio, which includes three utility-scale wind projects in Nebraska and Texas totaling 815 MW, and five solar projects in California totaling 689 MW – two of which include battery energy storage systems representing 75 MW.
In January, UAE and US officials announced that $20 billion will be allocated to fund 15 GW of clean energy projects in the US before 2035, led by Masdar and a consortium of US private investors.
Mohamed Jameel Al Ramahi, CEO, Masdar, said, “We are also committed to growing our activities in the US over the coming years and see it as an extremely important strategic market for Masdar. I look forward to growing our presence in the US as a developer and independent power producer, as part of our targeted global expansion of reaching at least 100 GW by the end of this decade.”
Masdar has also announced a new shareholding structure and additional focus on green hydrogen recently, making it one of the largest clean energy companies of its kind.
