North American renewable energy firm Power Sustainable Energy Infrastructure (PSEI) has acquired a 50% stake in a California solar and battery energy storage system (BESS) project owned by EDF Renewables North America.
PSEI has partnered with Potentia Renewables, its integrated developer and operator, to acquire the stake in the Desert Quartzite Solar+Storage project for an undisclosed amount.
The Desert Quartzite solar project, located in Riverside County, is currently under construction and will consist of 300MW of solar generation and a 150MW, four-hour BESS.
The project is expected to be fully operational by the end of the year, with long-term operations and maintenance managed by EDF Renewables.
PSEI said Clean Power Alliance, a Community Choice Aggregator serving 35 communities in Los Angeles and Ventura Counties, has signed a 20-year power purchase agreement to purchase the electricity generated from the project.
The investment represents PSEI’s largest to date, and builds on their inaugural investment in the California utility-scale market last year, the company said.
Pierre-Olivier Perras, managing partner at Power Sustainable Energy Infrastructure, said: “We are thrilled to be expanding our presence in the California utility-scale market. 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.”
Hamed Baatout, VP of divestiture and portfolio strategy at EDF Renewables, said: “We are very pleased to announce our first transaction with Power Sustainable Energy Infrastructure.
“It’s wonderful to work with a partner who shares the same vision as us: to decarbonise energy and promote sustainable practices. We are excited to see what we can accomplish together.”
Jeremy Jagt, president of Potentia Renewables, said: “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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