EDPR reached an agreement to acquire 85% of a distributed solar platform in the U.S.
EDPR will acquire an 85% equity stake in a solar generation portfolio that includes 89 MW of operating and near completion capacity. The investment corresponds to an enterprise value of approximately $119m and will establish EDPR’s presence in the fast-growing distributed generation segments
EDP Renováveis, 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 at full capex spent in above mentioned operating plus near-term pipeline capacity.
The transaction will establish EDPR’s presence in the fast-growing distributed generation segments as an owner-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.
EDP Renováveis interim CEO Rui Teixeira said: “The agreement reached with C2 Omega LLC is a key milestone for EDPR enabling us to enter a fast growing segment in the US through a leading provider of distributed generation. C2 Omega is a company with an impressive track record, a strong management team and a highly quality commercial and industrial portfolio. With this acquisition EDP Renováveis and C2 together will develop the distributed generation segment, broaden competitive solutions to our customers and boost the platform growth potential. Also, the deal confirms our commitment to the North America market, where EDPR has developed more than 7,600 MW and operates more than 7,200 MW of renewable energy projects”.
C2 Omega will be rebranded as EDPR NA DG, and will be the exclusive distributed generation platform of EDPR in the United States. C2's management team will continue to be engaged in the day-to-day operations of EDPR NA DG.
The completion of this transaction is subject to customary conditions precedent, and closing is expected to occur in the first quarter of 2021.
About C2 Energy Capital
C2 Energy Capital LLC, a rapidly growing investor in renewable energy and storage assets, provides capital and support services for the development and construction of assets as part of a long-term ownership strategy. Founded in 2014, the company manages capital on behalf of leading investors, including through a managed fund, C2 Taiyo Fund I, LP. With a steadfast commitment to building long-term relationships, C2 Energy Capital’s experienced leadership team collaborates with developers, vendors and power purchasers to safely deliver high-quality power plants. To learn more visit www.c2.energy.
