For the Big Beau project, Masdar, a growing clean energy company, is acquiring a 50% stake, fromEDF Renewables North America. It then strengthened its presence in the renewable energy market in the United States.
Masdar and EDF Renewables: an alliance for negative emissions
The project is a combined solar and battery storage project located in California with a 128 megawatt (MWac) solar PV plant capacity and a 40 MW/160 MWh battery energy storage system.
The acquisition is part of a partnership between Masdar and EDF Renewables North America that includes eight clean energy projects, including wind, solar and battery storage projects, with a total capacity of 1.6 gigawatts (GW). The partnership aims to contribute to U.S. clean energy goals, which is critical to limiting global warming to 1.5 degrees Celsius.
According to His Excellency Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology of the United Arab Emirates and President-Elect of COP28, as well as Chairman of Masdar, partnerships between companies like Masdar and EDF Renewables are key to ensuring that emissions are curbed rather than progress made. While achieving ambitious climate targets.
This partnership between Masdar and EDF Renewables demonstrates a productive collaboration for the decarbonization of the energy sector.
Acquisition of Big Beau: a critical step for Masdar’s growth in the U.S. renewable energy market
EDF Renewables North America is one of the largest renewable energy developers in North America, committed to providing solutions to decarbonize the energy sector. The company has 35 years of experience, with 16 GW of wind, solar and storage projects developed, and 13 GW under operation and maintenance contracts.
On the other hand, Masdar recently announced a new ownership structure and increased focus on green hydrogen, making it one of the largest clean energy companies of its kind. The company aims to achieve 100 GW of renewable energy capacity and 1 million tons of green hydrogen production per year by 2030, which will lead the UAE’s Strategic Carbon Neutrality Initiative by 2050 and drive the global energy transition.
The acquisition of the Big Beau project is an important step toward achieving Masdar’s renewable energy capacity goals as the company plans to expand its U.S. operations over the next several years. The U.S. is an important strategic market for Masdar, and the company aims to become a developer and independent power producer in the country.
As such, Masdar’s acquisition of the Big Beau project from EDF Renewables North America is a critical step in the company’s growth and expansion in the U.S. renewable energy market. The partnership between Masdar and EDF Renewables North America highlights the importance of business collaborations to achieve ambitious climate goals and transition to a more sustainable future.
