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Power Sustainable Invests in EDF Renewables North America Solar and Storage Project
August 29, 2024 | BUSINESS WIREEstimated reading time: 1 minute
Power Sustainable Energy Infrastructure Inc. (PSEI), the renewable energy infrastructure investment group of Power Sustainable (PS), and EDF Renewables North America (EDF Renewables), announced 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.
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.”
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