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Masdar expands US presence with Big Beau Project stake
Masdar acquired a 50% stake from EDF Renewables North America.
Besides advancing the UAE’s economic diversification and climate change goals, Masdar has been playing a significant role in the world’s renewable energy sector. By 2030, it wants to increase the amount of renewable energy it can produce worldwide to at least 100 gigawatts. Wind and solar energy will provide the lion’s share of this capacity.
In a recent development, Masdar has further expanded its presence in the US’ renewables market after closing the acquisition of a 50% stake in a combined solar and battery storage project from EDF Renewables North America.
The Big Beau project in California comprises a 128-megawatt photovoltaic solar plant and a 40 MW/160 MWh battery energy storage system. It is one of eight projects that Masdar and EDF Renewables have agreed to partner in, with a combined capacity of 1.6 gigawatts.
“Big Beau and the other projects that we are operating with EDF Renewables are already making an active contribution to US clean energy targets,” said Dr. Sultan Al Jaber, UAE minister of industry and advanced technology, COP28 president-designate and chairman of Masdar.
“If we are to keep the objective of limiting global warming to 1.5 degrees alive, we need to see countries coming together in concerted action – one of the key focus areas for the upcoming COP28 in the UAE. Partnerships between companies like Masdar and EDF Renewables are also vital in ensuring we hold back emissions, not progress,” he added.
In January, UAE and US officials announced that $20 billion will be allocated to fund 15 GW of clean energy projects in the US before 2035, led by Masdar and a consortium of US private investors, under the Partnership for Accelerating Clean Energy between the two countries.