EDF Renewables North America (EDFR) and MEAG, acting in its capacity as Munich Re’s global asset manager, have announced a strategic investment that will see a subsidiary of Munich Re acquire a 50% stake in two renewable energy projects in California.
The projects are located adjacent to one another in Riverside County and are both currently in construction with operations to commence in December 2021.
Together, they will generate enough clean energy to meet the consumption of 116,500 average California homes.
“This project fulfills our high expectations for sustainable investments,” said Holger Kerzel, Member of MEAG’s Management Board. “By further expanding our renewable energy portfolio in the US we are helping to prevent climate-damaging emissions. We are very pleased about this transaction and are looking forward to a successful partnership with EDF Renewables.”
“We are very pleased to announce this strategic partnership with MEAG, who shares EDF Renewables’ long-term investment focus and commitment to decarbonization,” added Nate McMurry, Vice President, Divestiture & Portfolio Strategy for EDF Renewables.
“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.”
MEAG, acting on behalf of Munich Re, has more than one gigawatt of wind and solar assets under management in Europe and in the US, and is planning to substantially increase its investments into the US renewable energy space over the next years.
EDF Renewables, meanwhile, is one of the largest renewable energy developers in North America with 35 years of experience and 20 gigawatts of wind, solar, and storage projects developed.
