EDP Renewables North America LLC (EDPR NA), a Houston-based company that develops, builds, owns and operates wind farms and solar parks throughout North America, has acquired a controlling interest in C2 Omega LLC, C2 Energy Capital's distributed solar platform LLC (C2). The new company, EDPR NA Distributed Generation LLC (GD EDPR NA DG), will be the exclusive US provider of small-scale downstream generation and energy efficiency services to EDPR NA.
With around 200 projects in 16 states, this acquisition will establish EDPR NA's presence in the downstream solar energy market as the owner and operator of one of the largest commercial and industrial portfolios for decentralized generation in the USA. EDPR will acquire an 85% stake in C2 solar portfolio with an operating and near-completion capacity of 89 MW in multiple locations and a short term pipeline of over 120 MW.
“We went through an extensive research and review process before making the decision to acquire C2 based on its impressive track record, strong management team and quality of existing assets,” said Miguel Angel Prado, CEO of EDPR NA. “This investment will allow us to serve a rapidly growing market and offer our customers a range of new services and solutions to meet their renewable energy needs.”
The platform will build on EDPR NA's US presence in utility-scale renewable energy projects to provide reliable solar power and an entire fleet of services in the distributed generation market. The C2 management team will continue to be involved in the day-to-day operations of DG EDPR NA. Candice Michalowicz will serve as COO and Richard Dovere as Chief Investment Officer.
The completion of this transaction is subject to customary conditions. Closing is expected to take place in the first quarter. Guggenheim Securities LLC served as financial advisor to EDPR.