EDF Renewables announced the signing of Purchase and Sale Agreements (PSA) by which PGGM Infrastructure Fund will acquire a 50% ownership interest in the following projects: Red Pine Wind, Rock Falls Wind, Switch Station 1 Solar, and Switch Station 2 Solar. The total capacity of the portfolio of projects is 588 MW.
“This portfolio of wind and solar projects provides an attractive investment opportunity in the U.S. renewable energy sector, well suited for a large pension fund,” said Raphael Declercq, executive vice president of strategy for EDF Renewables. “We are pleased to forge a new business relationship with PGGM and expect to follow with another transaction. We are confident that our expertise as a developer and operator complements PGGM’s renewable energy investment strategy.”
Completion of the transaction is subject to regulatory approval and customary conditions precedent. EDF Renewables will remain involved in the projects as a co-owner providing management services and provider of operations and maintenance services.
“This transaction enables PGGM to work closely with EDF Renewables, known for its great expertise in developing and operating renewable energy projects,” said Erik van de Brake, head of infrastructure at PGGM. “The addition of this portfolio to our investments in renewable energy is part of PGGM’s push to build up a EUR 20 bn. impact investment portfolio across all asset classes for our client PFZW, the Dutch pension fund for the healthcare sector. With the impact investment portfolio PFZW aims to make a positive impact on climate, water scarcity, food security, and healthcare.’’
Filed Under: News, Projects