EDP Renewables (EDPR), through its fully owned subsidiary EDP Renewables North America LLC (EDPR NA), has closed on its acquisition of a majority interest in C2 Omega LLC, the distributed solar platform of C2 Energy Capital LLC (C2). The platform has an operating capacity of 89 megawatts (MW), with a near-term pipeline of more than 150 MW, across 200 sites in 16 states. The closing follows the initial acquisition announcement made on January 18, 2021, and creates a new business unit named EDPR NA Distributed Generation LLC (EDPR NA DG).
The new venture will unite the technical and financial expertise of the C2 Energy Capital team with the competitive development capital, equity and innovative technology approaches of EDPR's global team. The new EDPR NA DG team, composed of nationally recognized market experts, will lead efforts spanning the acquisition, development, financing, construction and operation of DG, C&I and community solar related projects across the United States.
“This acquisition closing confirms our commitment to the North American market, where EDPR operates more than 7 gigawatts of renewable energy projects. We are excited to reach this milestone, given C2’s impressive track record, strong management team, and long-standing commercial, industrial and community relationships across the United States,” stated Miguel Prado, CEO of EDPR NA & EDPR NA DG.
EDPR NA DG is positioned to be the leading provider of distributed generation in the US market, servicing the largest portfolio of Fortune 500 commercial and industrial (C&I) clients in the country. The move also comes with a renewed focus on the quickly evolving community solar market, leveraging strong relationships fostered by C2 with entities ranging from local communities and municipalities to universities, schools and hospitals on their adoption of renewable energy.
“By combining C2’s distributed generation focus, strategic regional and vertical market positioning and extensive finance expertise with EDPR NA, we will be able to successfully execute on an ever-expanding project pipeline. Our aim will be to leverage our project developer relationships and the strength of our new business unit's resources to accelerate growth and achieve greater scale in the market,” noted Richard Dovere, incoming Chief Investment Officer, EDPR NA DG.
“We’re delighted to increase EDPR’s footprint across the US through EDPR NA DG, and to continue to bring innovative renewable energy solutions to a growing number of new entrants to the market,” stated Candice Michalowicz, incoming Chief Operating Officer, EDPR NA DG. “By providing a comprehensive customer offering ranging from virtual power purchase agreements to rooftop solar installations, our expanded suite of services and solutions will now cover the entire distributed generation market.”
This acquisition closing follows the announcement last month that EDPR will be launching a new H2 Business Unit (H2BU) that will be the Group's new arm for the development of green hydrogen projects, while a dedicated storage unit, built in EDPR NA, will aim to achieve a storage capacity of 1 gigawatt within the next five years. The creation of EDPR NA DG and these additional business units reinforces EDPR’s leadership in the energy transition in the United States.