RIYADH: Abu Dhabi-based renewable energy firm Masdar has acquired a 50 percent stake in a combined solar and battery project in California, further extending its presence in the US’s renewable market.
Big Beau project consists of a 128-MW photovoltaic solar plant and a 40/160-MW battery energy storage system, according to a press release.
The project was acquired from the power producer and service provider EDF Renewables North America.
“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,” said the UAE Minister of Industry and Advanced Technology Sultan Al Jaber.
Also, the COP28 President-Designate and Chairman of Masdar, Al Jaber added: “If we are to keep the objective of limiting global warming to 1.5 degrees alive, we need to see countries coming together in concerted action – one of the key areas of focus for the upcoming COP28 in the UAE. Partnerships between companies like Masdar and EDF Renewables are also vital in ensuring we hold back emissions, not progress.”
In 2020, both parties agreed to collaborate on a portfolio of eight clean energy projects, which have wind, solar and battery storage, and a summed-up capacity of 1.6 GW.
The agreement incorporated three utility-scale wind projects in Nebraska and Texas totaling 815 MW, as well as five solar projects in California adding up to 689 MW, the release added.
The report further noted that the aforementioned schemes together displace over 3 million tons of emissions per year, and are already operational.
“EDFR’s partnership with Masdar enjoys a successful history and today we celebrate another project to add to the growing portfolio. Decarbonization of the energy sector will take the combined effort of developers, off-takers, and investors alike working in collaboration toward ambitious goals,” stated EDFR’s CEO Tristan Grimbert.
By 2035, around $20 billion will be allocated to fund 15 GW of clean energy projects in the US under the Partnership for Accelerating Clean Energy between both nations, officials announced in January.