Houston, TX – EDPR Renewables North America LLC (EDPR NA) announces the acquisition of a majority interest in C2 Omega LLC, the distributed solar platform of C2 Energy Capital LLC (“C2”). The new company, EDPR NA Distributed Generation LLC (EDPR NA DG), will be the exclusive provider of downstream generation and energy efficiency services in the United States for EDPR NA.
With approximately 200 projects across 16 states, this acquisition will establish EDPR NA’s presence in the downstream solar energy market as an owner-operator of one of the largest commercial and industrial distributed generation portfolios in the US. EDPR will acquire an 85% equity stake in C2’s solar portfolio that includes 89 MW of operating and near completion capacity across multiple sites and a near-term pipeline of over 120 MW.
“We went through an exhaustive research and vetting process before deciding to acquire C2 based on its impressive track record, strong management team, and quality of existing assets,” said Miguel Angel Prado, CEO of EDP Renewables North America.
“This investment will enable 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 leading U.S. footprint of utility-scale renewable energy projects to offer reliable solar power and an entire fleet of services in the distributed generation market.
“The execution-oriented team at EDPR demonstrated a nuanced approach to investing that will enable us to become the leading provider of distributed generation in the United States,” said Richard Dovere, incoming CIO of EDPR NA DG. “We look forward to working with EDPR’s robust customer base to bring a new set of offerings to fuel diversified growth in today’s demanding renewable energy sector.”
EDPR NA’s investment in C2’s solar business corresponds to an enterprise value of approximately $289 million. C2's management team will continue to be engaged in the day-to-day operations of EDPR NA DG. Candice Michalowicz will serve as Chief Operating Officer, and Richard Dovere will serve as Chief Investment Officer. Miguel Angel Prado will be Chief Executive Officer of EDPR NA DG.
Guggenheim Securities, LLC acted as financial advisor to EDPR. The completion of this transaction is subject to customary conditions precedent, and closing is expected to occur in the first quarter of 2021.
About EDP Renewables North America EDP Renewables North America LLC (EDPR NA), its affiliates and subsidiaries, develop, construct, own, and operate wind farms and solar parks throughout North America. Headquartered in Houston, Texas, with 54 wind farms, eight solar parks, and seven regional offices across North America, EDPR NA has developed more than 7,600 megawatts (MW) and operates more than 7,200 MW of renewable energy projects. With more than 800 employees, EDPR NA’s highly qualified team has a proven capacity to execute projects across the continent. For more information, visit www.edpr.com/north-america. EDPR NA is owned by EDP Renováveis, S.A. (EDP Renewables or EDPR), a global leader in the renewable energy sector and the world’s third-largest wind energy producer. With a sound development pipeline, first-class assets, and market-leading operating capacity, EDPR has undergone exceptional development in recent years and is currently present in 14 markets (Belgium, Brazil, Canada, Colombia, France, Greece, Italy, Mexico, Poland, Portugal, Romania, Spain, the United Kingdom, and the United States). Energias de Portugal, S.A. (“EDP”), the principal shareholder of EDPR, is a global energy company and a leader in value creation, innovation, and sustainability. EDP has been included in the Dow Jones Sustainability Index for 13 consecutive years. For more information, visit www.edpr.com.
About C2 Energy Capital C2 Energy Capital LLC, a rapidly growing investor in renewable energy and storage assets, provides capital and support services for the development and construction of assets as part of a long-term ownership strategy. Founded in 2014, the company manages capital on behalf of leading investors, including through a managed fund, C2 Taiyo Fund I, LP. With a steadfast commitment to building long-term relationships, C2 Energy Capital’s experienced leadership team collaborates with developers, vendors, and power purchasers to safely deliver high-quality power plants. To learn more visit www.c2.energy.
CONTACTS: Jesse Dougherty email@example.com 608-807-8619
Bevan Augustine EDP Renewables North America External Communications Manager firstname.lastname@example.org 503-881-4126