Power Sustainable Energy Infrastructure Inc. (PSEI), the
renewable energy infrastructure investment group of Power
Sustainable (PS), and EDF Renewables North America (EDF
Renewables), announced today the phase 1 closing of a strategic
investment whereby PSEI acquired a 50-percent stake in the Desert
Quartzite Solar+Storage Project. This investment was executed
together with Potentia Renewables Inc, (Potentia), PSEI’s
integrated developer and operator. The final phase of the
investment will close upon the project’s completion and commercial
operation.
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Desert Quartzite Solar+Storage project is
under construction in Riverside County, California. (Photo:
Business Wire)
Desert Quartzite, located in Riverside County, California, is
currently under construction, and will represent 300 megawatts (MW)
of solar generation, combined with a 150 MW/4-hour battery energy
storage system (BESS). The electricity generated will be delivered
to Clean Power Alliance, the Community Choice Aggregator serving 35
communities in Los Angeles and Ventura Counties, under a 20-year
power purchase agreement (PPA). Construction is expected to be
complete by year-end, with long-term operations and maintenance
performed by EDF Renewables’ Asset Optimization team.
“We are thrilled to be expanding our presence in the California
utility-scale market,” said Pierre-Olivier Perras, Managing Partner
at Power Sustainable Energy Infrastructure. “The swift and
collaborative process was a testament to our mutual commitment to
making this partnership a success. It became evident during our due
diligence that the EDF Renewables team is top-notch, and we greatly
value the professionalism and expertise each department
demonstrated.”
This investment is PSEI’s largest to date, and builds on their
inaugural investment in the California utility-scale market last
year.
“We are very pleased to announce our first transaction with
Power Sustainable Energy Infrastructure,” commented Hamed Baatout,
Vice President Divestiture and Portfolio Strategy at EDF
Renewables. “It’s wonderful to work with a partner who shares the
same vision as us: to decarbonize energy and promote sustainable
practices. We are excited to see what we can accomplish
together.”
“We are proud to collaborate with Power Sustainable and EDF
Renewables on the Desert Quartzite Solar+Storage Project,” said
Jeremy Jagt, President, Potentia Renewables. “This investment not
only underscores our commitment to expanding clean energy
infrastructure in North America but also highlights our dedication
to delivering sustainable and impactful energy solutions. Together,
we are driving innovation that supports both environmental
stewardship and the long-term energy needs of communities.”
EDF Renewables North America is a market leading
independent power producer and service provider with 35 years of
expertise in renewable energy. The Company delivers grid-scale
power: wind (onshore and offshore), solar photovoltaic, and storage
projects; distribution-scale power: solar and storage; asset
optimization: technical, operational, and commercial expertise to
maximize performance of generating projects, and onsite solutions,
through the Company’s PowerFlex subsidiary, offering a full suite
of onsite energy solutions for commercial and industrial customers:
solar, storage, EV charging, energy management systems, and
microgrids. EDF Renewables’ North American portfolio consists of 18
GW of developed projects and 14.6 GW under service contracts. EDF
Renewables North America is a subsidiary of EDF Renewables, the
dedicated renewable energy affiliate of the EDF Group. For more
information visit: www.edf-re.com. Connect with us on LinkedIn,
Facebook and Twitter.
About Potentia Renewables:
Potentia Renewables Inc., an affiliate of Power Sustainable, is
a fully-integrated developer, manager and operator of renewable
energy assets. Potentia currently manages over 1,300 MW of wind and
solar projects with another 3.5 gigawatts (GW) in development.
Potentia manages the development, construction and operations of
PSEI strategy’s renewable assets. Potentia is a prominent renewable
energy provider in North America that is ideally positioned for
continued substantial growth. For more information, visit
www.potentiarenewables.com.
About Power Sustainable Energy Infrastructure:
Power Sustainable Energy Infrastructure (PSEI) is Power
Sustainable’s investment group which focuses on North American
renewable energy and related infrastructure, one of the
fastest-growing markets for sustainable investments. It is a
diversified portfolio of stable, long-term, cash-yielding operating
assets.
Through its two operating affiliate businesses—Nautilus Solar
and Potentia Renewables—PSEI has access to a dedicated team of over
160 in-house professionals to manage the development, construction,
financing and operation of renewable energy assets.
About Power Sustainable:
Power Sustainable is a sustainability-focused alternative
investment manager which finances companies and projects that aim
for both competitive returns and positive sustainability outcomes.
The firm offers institutional investors exposure to alternative
assets, which aim to accelerate and scale sustainable solutions
across multiple industries.
Power Sustainable is a subsidiary of Power Corporation of Canada
(TSX: POW) (TSX: POW.PR.E), an international management and holding
company that focuses on financial services in North America,
Europe, and Asia.
With CAD$3.9 billion in assets under management (as of June 30,
2024), Power Sustainable’s mission is to catalyze capital towards
clean global solutions. Learn more on Power Sustainable’s LinkedIn
and Website.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240828175946/en/
Sandi Briner, +1 858-521-3525 MediaRelations@edf-re.com
Ian B. Cameron Director of Communications, Power Sustainable
438-308-7697 cameron@powersustainable.com
Jennifer Tuck Vice President, Potentia Renewables 226-972-5521
jtuck@potentiarenewables.com
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