EDP Renováveis S A : EDPR acquires US solar distributed generation company and enters a new business segment
January 18, 2021 at 08:10 pm
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Madrid, January 18th 2021. EDPR, through its fully owned subsidiary EDP Renewables North America, has entered into an agreement to acquire a majority interest in C2 Omega, the distributed solar platform of C2 Energy Capital.
In detail, EDPR will acquire an 85% equity stake in a solar generation portfolio that includes 89 MW of operating and imminent completion capacity and a near-term pipeline of around 120 MW, across near 200 sites in 16 states.
EDPR's investment in C2's distributed solar platform business corresponds to a total enterprise value of approximately $119m for the acquisition of the operating capacity (89 MW). The transaction will also include certain earn-out payments based on the growth in future operational capacity. C2's management team will continue to be engaged in the day-to-day operations of the business.
This transaction will allow EDPR to enter a rapidly expanding segment worldwide. The company will become an operator of one of the largest commercial and industrial distributed generation portfolios in the U.S., and will enable EDPR to serve a rapidly growing market and offer to its customers a range of new services and solutions to meet their renewable energy needs.
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EDP Renovaveis SA published this content on 18 January 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 January 2021 20:09:01 UTC
EDP Renováveis, S.A. (Euronext: EDPR) is the fourth largest renewable energy producer worldwide with presence in 28 markets across Europe, North America, South America and Asia/Pacific.
Based in Madrid and with main regional offices in Houston, São Paulo and Singapore, EDP Renováveis, S.A. has a robust development portfolio with first class assets and a market-leading operational capability in renewables. These include wind onshore, utility scale & distributed solar, wind offshore (through its 50/50 JV - OW) and technologies complementary to renewables such as batteries and green hydrogen.
EDPR's employee-centered policies resulted in its recognition as a Top Workplace 2023 in the United States, Top Employer 2023 in Europe (Spain, Italy, France, Romania, Greece, Portugal and Poland) Colombia and Brazil, as well as its inclusion in the Bloomberg Gender-Equality Index.
EDPR is a division of EDP (Euronext: EDP), a leader in the energy transition with a focus on decarbonization.