EDP Renewables North America LLC (EDPR NA) has acquired a majority interest in C2 Omega LLC, a distributed solar platform of C2 Energy Capital LLC. Post-acquisition, the new company will be known as EDPR NA Distributed Generation LLC (EDPR NA DG). The company is set to acquire an 85 per cent equity stake in C2s solar portfolio which includes 89 MW of operating and near completion capacity as well as a near-term pipeline of over 120 MW.
The new company will provide small-scale downstream generation and energy efficiency services across 16 states in the United States. The portfolio of the company includes about 200 projects across the states. The investment corresponds to an enterprise value of approximately $119 million. EDPR’s investment will help it expand in a rapidly growing distributed energy generation market meet the market’s renewable energy needs. C2’s management team will continue to operate under EDPR NA DG. The closing is expected to occur in the first quarter of 2021.
EDPR NA, its affiliates and subsidiaries, develop, construct, own, and operate wind farms and solar parks throughout North America. Headquartered in Houston, Texas, with 54 wind farms, eight solar parks, and seven regional offices across North America, EDPR NA has developed more than 7,600 MW and operates more than 7,200 MW of renewable energy projects. EDPR NA is owned by EDP Renovveis, S.A. (EDP Renewables or EDPR). In early 2019, Energias de Portugal (EDP), Portugal’s leading power company, came out with a radical 90 per cent renewables plan in the 2030 timeframe with much of the action by 2022.