TORONTO and SAN DIEGO, Aug. 28, 2024 (GLOBE NEWSWIRE) — Power Sustainable Energy Infrastructure Inc. (PSEI), the renewable energy infrastructure investment group of Power Sustainable (PS), and EDF Renewables North America (EDF Renewables), announced today the phase 1 closing of a strategic investment whereby PSEI acquired a 50-percent stake in the Desert Quartzite Solar+Storage Project. This investment was executed together with Potentia Renewables Inc, (Potentia), PSEI’s integrated developer and operator. The final phase of the investment will close upon the project’s completion and commercial operation.
Desert Quartzite, located in Riverside County, California, is currently under construction, and will represent 300 megawatts (MW) of solar generation, combined with a 150 MW/4-hour battery energy storage system (BESS). The electricity generated will be delivered to Clean Power Alliance, the Community Choice Aggregator serving 35 communities in Los Angeles and Ventura Counties, under a 20-year power purchase agreement (PPA). Construction is expected to be complete by year-end, with long-term operations and maintenance performed by EDF Renewables’ Asset Optimization.
“We are thrilled to be expanding our presence in the California utility-scale market,” said Pierre-Olivier Perras, Managing Partner at Power Sustainable Energy Infrastructure. “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.”
This investment is PSEI’s largest to date, and builds on their inaugural investment in the California utility-scale market last year.
“We are very pleased to announce our first transaction with Power Sustainable Energy Infrastructure,” commented Hamed Baatout, Vice President Divestiture and Portfolio Strategy at EDF Renewables. “It’s wonderful to work with a partner who shares the same vision as us: to decarbonize energy and promote sustainable practices. We are excited to see what we can accomplish together.”
“We are proud to collaborate with Power Sustainable and EDF Renewables on the Desert Quartzite Solar+Storage Project,” said Jeremy Jagt, President, Potentia Renewables. “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.”
About Potentia Renewables:
Potentia Renewables Inc., an affiliate of Power Sustainable, is a fully-integrated developer, manager and operator of renewable energy assets. Potentia currently manages over 1,300 MW of wind and solar projects with another 3.5 gigawatts (GW) in development. Potentia manages the development, construction and operations of PSEI strategy’s renewable assets. Potentia is a prominent renewable energy provider in North America that is ideally positioned for continued substantial growth. For more information, visit www.potentiarenewables.com.
About Power Sustainable Energy Infrastructure:
Power Sustainable Energy Infrastructure (PSEI) is Power Sustainable’s investment group which focuses on North American renewable energy and related infrastructure, one of the fastest-growing markets for sustainable investments. It is a diversified portfolio of stable, long-term, cash-yielding operating assets.
Through its two operating affiliate businesses—Nautilus Solar and Potentia Renewables—PSEI has access to a dedicated team of over 160 in-house professionals to manage the development, construction, financing and operation of renewable energy assets.
About Power Sustainable:
Power Sustainable is a sustainability-focused alternative investment manager which finances companies and projects that aim for both competitive returns and positive sustainability outcomes. The firm offers institutional investors exposure to alternative assets, which aim to accelerate and scale sustainable solutions across multiple industries.
Power Sustainable is a subsidiary of Power Corporation of Canada (TSX: POW) (TSX: POW.PR.E), an international management and holding company that focuses on financial services in North America, Europe, and Asia.
With CAD$3.9 billion in assets under management (as of June 30, 2024), Power Sustainable’s mission is to catalyze capital towards clean global solutions. Learn more on Power Sustainable’s LinkedIn and Website.
About EDF Renewables North America
EDF Renewables North America is a market leading independent power producer and service provider with 35 years of expertise in renewable energy. The Company delivers grid-scale power: wind (onshore and offshore), solar photovoltaic, and storage projects; distribution-scale power: solar and storage; asset optimization: technical, operational, and commercial expertise to maximize performance of generating projects, and onsite solutions, through the Company’s PowerFlex subsidiary, offering a full suite of onsite energy solutions for commercial and industrial customers: solar, storage, EV charging, energy management systems, and microgrids. EDF Renewables’ North American portfolio consists of 18 GW of developed projects and 14.6 GW under service contracts. EDF Renewables North America is a subsidiary of EDF Renewables, the dedicated renewable energy affiliate of the EDF Group. For more information visit: www.edf-re.com. Connect with us on LinkedIn, Facebook and Twitter.
For more information, contact:
Ian B. Cameron
Director of Communications, Power Sustainable
438-308-7697
cameron@powersustainable.com
Sandi Briner
VP, Marketing & Communications, EDF Renewables
858-521- 3525
mediarelations@edf-re.com
Jennifer Tuck
Vice President, Potentia Renewables
226-972-5521
jtuck@potentiarenewables.com
