Masdar acquires 50% stake in Big Beau Project from EDF Renewables
Masdar, a UAE-based renewable energy company, has acquired a 50% interest in the Big Beau project in California from EDF Renewables North America, in a move to increase its footprint in the US renewables market.
The financial terms of the deal were not disclosed.
The Big Beau project is one of eight joint venture projects between Masdar and EDF Renewables and includes a 128-megawatt (MWac) photovoltaic (PV) solar plant and a 40MW/160MWh battery energy storage system.
Dr Sultan Al Jaber – UAE Industry and Advanced Technology Minister said: “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.
“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, Masdar and EDF Renewables North America agreed to jointly partner for eight green power projects, with a collective capacity of 1.6GW, including wind, solar and battery storage, to eliminate over three million tonnes of emissions annually.
In January 2023, UAE and the US said $20 billion would be invested in 15GW of clean energy projects in the US before 2035.
Masdar targets to achieve 100GW renewable energy capacity and green hydrogen production of one million tonnes per annum annually by 2030 as well as lead UAE’s Net Zero by 2050.
EDF Renewables, with 16GW of wind, solar, and storage projects developed, and 13GW under operations and maintenance contracts, offers integrated energy solutions from grid-scale power to electric vehicle charging.