The acquisition consists of a portfolio of more than 20 solar projects that at different stages of development in the PJM region
EDF Renewables North America (EDFR) has closed the acquisition of around 4.5GWac solar asset portfolio in the Pennsylvania, Jersey, Maryland (PJM) region, from Geenex Solar, for an undisclosed amount.
Under the terms of the agreement, EDFR has acquired a portfolio of more than 20 solar projects, at different stages of development. The first projects are anticipated to being commercial operation in 2023, with plans for other projects to follow. With the transaction, EDFR expects to accelerate its growth in PJM wholesale electricity market to cater to the growing demand for cost-effective renewable energy sources.
Also, the company is expected to benefit from the regional development expertise of Geenex, a utility-scale solar development, while EDFR will contribute its financial and late-stage development expertise.
EDF Renewables strategic development initiatives vice president Hanson Wood said: “We were initially impressed with the team’s development expertise and distinguished high quality of solar assets. Their regional approach is particularly attractive as they enter markets early and foster strong and deep relationships with the local community.
“Geenex, as the largest holder of development assets in PJM market, enables EDF Renewables to expand into over five key states where solar is poised to be a market leading technology.”
Geenex develops greenfield utility-scale solar projects
Established in 2012, Geenex is engaged in developing greenfield utility-scale solar projects, ranging from 20MW to more than 400MW in size.
The company’s team has expertise in project development operation, including site evaluation, land acquisition, facility and interconnection engineering, etc.
Geenex said that it has partnered with the financial team at New Energy Capital to expand its business operations in short time.
Through the partnership, the company increased its workforce by three times, and created a portfolio of 1.9GW solar projects.
For the transaction with EDFR, Jefferies Financial Group has served as exclusive financial advisor to Geenex.
Geenex CEO Georg Veit said: “Having an industry leader such as EDFR recognize the strength and value of Geenex-developed projects is quite a testimony to the hard work of the Geenex Solar team. Our regional approach has enabled us to build a competitive development pipeline of over 20 projects in the PJM market.
“We are excited by the opportunity to build out this solar pipeline with a development partner such as EDFR. They share our vision on local engagement and long-term commitment to projects that will provide valuable economic benefits for our landowners and our communities.”