EDPR NA Raises Interest On Decentralized Solar Platform Of C2 Energy
EDP Renewables North America LLC (EDPR NA), a Houston-based company that develops, builds, owns and operates wind farms and solar parks in North America, acquires a majority stake in C2 Energy Capital’s distributed solar platform C2 Omega LLC. took. LLC (C2). The new company, EDPR NA Distributed Generation LLC (EDPR NA DG), will be the sole provider of small-scale sub-production and energy efficiency services in the US for EDPR NA.
With about 200 projects in 16 states, this acquisition will take EDPR NA’s presence in the downstream solar market, as the owner-operator of one of the largest commercial and industrial distributed generation portfolios in the US EDPR, an 85% stake in C2s. Solar portfolio that includes 89 MW of operation and close to completion capacity in multiple sites and a short-term pipeline of over 120 MW.
“We went through an extensive research and review process before we decided to acquire C2 based on its impressive background, strong management team and the quality of existing assets,” says Miguel Angel Prado, CEO of EDPR NA. “This investment will enable us to serve a rapidly growing market and provide our customers with a range of new services and solutions to meet their renewable energy needs.”
The platform will build on the EDPR NA’s utility-scale renewable energy projects footprint in the US to deliver reliable solar power and a full-service fleet in the distributed generation market. C2’s management team will continue to be involved in the day-to-day operations of EDPR NA DG. Candice Michalowicz will serve as COO and Richard Dovere as chief investment officer.
Completion of this transaction is subject to precedent customary conditions. Closing is expected in the first quarter. Guggenheim Securities LLC acted as a financial advisor to EDPR.