EDF Renewables acquires 4.5-GW solar portfolio from Geenex Solar
EDF Renewables North America (EDFR) and Geenex Solar announced an agreement for a pipeline of up to 4.5 GWAC for solar development facilities across PJM. The pipeline acquisition brings to EDF Renewables the regional development expertise of Geenex, a leading provider of utility-scale solar developments, while EDFR contributes its financial and late-stage development expertise from a long-term owner and operator perspective. The transaction will accelerate EDFR’s growth in the PJM wholesale power market to meet the growing demands of enterprise and utility customers looking for low cost renewable energy sources.
Geenex was founded in 2012 and is an experienced developer of green field solar projects ranging in size from 20 MW to over 400 MW. The team has experience in all aspects of project development, including site appraisal, land purchase, plant and connection technology, environmental analysis, and state, state and local permits. In a relatively short amount of time, Geenex has successfully grown its business by working with the finance team at New Energy Capital. This has allowed them to triple the number of employees and build a development pipeline that, prior to this transaction, resulted in over 1.9 GW of solar development revenue.
“Having an industry leader like EDFR realizing the strength and value of projects developed by Geenex is testament to the hard work of the Geenex Solar team,” said Georg Veit, CEO of Geenex. “Our regional approach has enabled us to build a competitive development pipeline with over 20 projects in the PJM market. We are excited about the opportunity to expand this solar pipeline with a development partner like EDFR. They share our vision of local engagement and long-term commitment to projects that bring valuable economic benefits to our landowners and our communities. “
EDF Renewables was introduced to Geenex through the development and construction of the Pecan and Gutenberg solar projects in 2015.
“We were initially impressed by the team’s development expertise and the high quality of the solar systems,” said Hanson Wood, VP of strategic development initiatives for EDF Renewables. “Their regional approach is particularly attractive as they enter markets early and have strong and deep relationships with the local community. With Geenex as the largest development asset owner in the PJM market, EDF Renewables can expand into over five key countries where solar will be a market leading technology. “
The portfolio of project assets of the transaction includes more than 20 solar projects in various stages of development. The first projects are expected to be commercially operated in 2023, with further projects to follow.
Message from EDF Renewables North America