SAN DIEGO--(BUSINESS WIRE)--EDF Renewable Energy and Marubeni Corporation announced today that a subsidiary of Marubeni acquired a 90 percent economic interest in the 102.5 MW Shiloh IV Wind Project.
The Shiloh IV Wind Project, located in Solano County, California, commenced operations in December 2012 and supplies carbon-free electricity into the CAISO transmission system under a 25-year power purchase agreement with Pacific Gas and Electric. Consisting of 50 REpower MM92 turbines, Shiloh IV generates clean electricity sufficient to supply approximately 40,000 average homes.
EDF Renewable Energy will retain a 10 percent stake in the project. Its affiliate EDF Renewable Services will continue to provide operations and maintenance services. Marubeni will participate in asset management roles working with EDF Renewable Energy in the administration of the project.
“EDF Renewable Energy values this partnership with Marubeni and the opportunity to engage in another successful transaction,” said Raphael Declercq, Director of Divestiture and Portfolio Management. “This sale illustrates our ability to recycle capital to fund future development while staying fully involved in the project. This is an important aspect of our business model that allows us to further our ambition as a world-class renewable project developer.”
“With this investment we recognize the experience and successful track record of EDF Renewable Energy and we look forward to strengthening our relationship. Marubeni is committed to expanding our power generation portfolio in North America and other global markets,” said Toshi Fukumura, President and CEO of New York-based Marubeni Power International, Inc.
About EDF Renewable Energy:
EDF Renewable Energy is a leading U.S. independent power producer with more than 25 years of expertise in the renewable industry, covering all range of services from project development, management to operations and maintenance. EDF Renewable Energy specializes in wind and solar photovoltaic with presence in other segments of the renewable energy market: biogas, biomass, hydro, marine energy and storage solutions. The company develops, constructs, operates and manages renewable energy projects throughout the United States for its own accord as well as for third parties. EDF Renewable Energy’s portfolio consists of over 3.5 gigawatts of developed projects with 1.8 gigawatts of installed capacity. EDF Renewable Energy is the U.S. subsidiary of EDF Energies Nouvelles. EDF Energies Nouvelles is the renewable energy arm of the EDF group, the leading electricity company in the world. For more information visit: www.edf-re.com.
About Marubeni Corporation:
Marubeni Corporation was founded in 1858 and incorporated in 1949 with its principal office located in Tokyo, Japan. It manages business across a wide range of industrial sectors throughout the world, and is a publicly traded company quoted on three stock exchanges in Japan: Tokyo, Osaka, and Nagoya. Marubeni first established its power industry presence through the EPC business, with more than 96.5 GW supplied/constructed all over the world in various fuel and technology types. Marubeni expanded its business into the IPP arena in the early 1990s, and now owns 10,222 MW of net generating capacity (34,089 MW gross capacity). Marubeni manages its electricity sector investments in the North American electricity market through Marubeni Power International, Inc., based in New York, NY. For more information, please visit www.marubeni.com or www.marubeni-power.com.