EDPR NA buys majority stake in C2’s small-scale solar portfolio
EDPR Renewables North America LLC acquired a majority interest in C2 Omega LLC, the distributed solar platform of C2 Energy Capital LLC. The new company, EDPR NA Distributed Generation LLC (EDPR NA DG), will be the exclusive provider of small-scale downstream generation and energy efficiency services in the United States for EDPR NA.
With approximately 200 projects across 16 states, this acquisition will establish EDPR NA’s presence in the downstream solar energy market as an owner-operator of one of the largest commercial and industrial distributed generation portfolios in the U.S. EDPR will acquire an 85% equity stake in C2’s solar portfolio that includes 89 MW of operating and near completion capacity across multiple sites and a near-term pipeline of over 120 MW.
“We went through an exhaustive research and vetting process before deciding to acquire C2 based on its impressive track record, strong management team, and quality of existing assets,” said Miguel Angel Prado, CEO of EDP Renewables North America. “This investment will enable us to serve a rapidly growing market and to offer our customers a range of new services and solutions to meet their renewable energy needs.”
The platform will build on EDPR NA’s U.S. footprint of utility-scale renewable energy projects to offer reliable solar power and an entire fleet of services in the distributed generation market.
“The execution-oriented team at EDPR demonstrated a nuanced approach to investing that will enable us to become the leading provider of distributed generation in the United States,” said Richard Dovere, incoming CIO of EDPR NA DG. “We look forward to working with EDPR’s robust customer base to bring a new set of offerings to fuel diversified growth in today’s demanding renewable energy sector.”
C2’s management team will continue to be engaged in the day-to-day operations of EDPR NA DG. Candice Michalowicz will serve as Chief Operating Officer, and Richard Dovere will serve as Chief Investment Officer. Miguel Angel Prado will be Chief Executive Officer of EDPR NA DG.
Guggenheim Securities, LLC acted as financial advisor to EDPR. The completion of this transaction is subject to customary conditions precedent, and closing is expected to occur in the first quarter of 2021.
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