Masdar, a subsidiary of UAE’s Mubadala, has expanded its presence in the US renewables market with an agreement to buy stake in 1.6GW projects.
The company entered the US market last year with stake acquisition in two wind farms in Texas and New Mexico.
The clean energy developer is now buying a 50% stake in the US renewable energy projects from EDF Renewables North America.
The projects include of three utility-scale wind farms in Nebraska and Texas, and five photovoltaic (PV) solar projects in California.
Currently under construction, all three wind projects and four of the solar projects are expected to enter into operations in the fourth quarter of 2020.
The fifth solar in the portfolio, Big Beau, which is in Kern County, is expected to come online in 2021.
Masdar chief executive officer Mohamed Jameel Al Ramahi said: “As the second largest renewable energy producer in the world in terms of installed power capacity, the US offers considerable scope for further growth and diversification of our renewable energy portfolio.”
Under long-term contracts, the power generated by the projects included in the transaction will be sold to various offtakers, including utilities, hedge providers and community choice aggregators (CCAs).
The Texas projects in the deal include the 243MW Coyote wind project is located in Scurry County, and the 273MW Las Majadas wind project is in Willacy County, while the project in Nebraska is the 300MW Milligan 1 wind project is in Saline County.
Four of the Californian solar projects are located in Riverside County. They include the Desert Harvest 1 and Desert Harvest 2 PV projects totaling 213MW of capacity, and the 173 MW Maverick 1 and 136 MW Maverick 4 solar PV projects.
Al Ramahi said: “We are delighted to expand our presence there through this landmark deal to invest in eight clean energy assets in California, Nebraska and Texas, and to further strengthen our global partnership with EDF Renewables.”