Total capacity of the portfolio of projects is 588 MW. Completion of the transaction is subject to regulatory approval and customary conditions precedent.
EDF Renewables will remain involved in the projects as a co-owner providing management services and provider of operations and maintenance services.
Raphael Declercq, executive vice president of strategy for EDF Renewables commented, “This portfolio of wind and solar projects provides an attractive investment opportunity in the US renewable energy sector, well suited for a large pension fund. We are pleased to forge a new business relationship with PGGM and expect to follow with another transaction. We are confident that our expertise as a developer and operator complements PGGM’s renewable energy investment strategy.”
Erik van de Brake, head of infrastructure at PGGM commented, “This transaction enables PGGM to work closely with EDF Renewables, known for its great expertise in developing and operating renewable energy projects. The addition of this portfolio to our investments in renewable energy is part of PGGM’s push to build up a EUR 20 bn. impact investment portfolio across all asset classes for our client PFZW, the Dutch pension fund for the healthcare sector. With the impact investment portfolio PFZW aims to make a positive impact on climate, water scarcity, food security and healthcare.”
EDF Renewables owns or operates 10 GW of wind, solar, storage, biomass and biogas projects developed throughout the U.S., Canada, and Mexico. PGGM is a cooperative Dutch pension fund service provider.