Boston-based energy development platform Galehead Development has sold its 270 MWDC solar projects to EDF Renewables (EDFR). The project is located in the midcontinent independent system operator (MISO) central region.
MISO is an independent, not-for-profit organization responsible for operating the power grid across 15 states in the U.S. and the Canadian province of Manitoba.
This is the third renewable development asset sale by Galehead to EDFR. The company develops, builds, and operates renewable power plants in over 20 countries. Galehead has delivered a 520 MWDC pipeline to EDFR across the MISO and PJM (a regional transmission organization in the U.S.) energy markets. The projects are expected to commence operations between 2023 and2024.
Galehead executed its market strategies through its land analytics software that it claims can enable targeted project siting. Following the acquisitions, EDFR will manage all remaining downstream development scope through commercial operations.
Matt Marino, CEO, Galehead, said, “We are thrilled to build on our track record of successful project sales to EDF Renewables. We look forward to supporting their continued development of the projects and the addition of a half-gigawatt of new renewable resources to the grid by 2025 through this relationship.”
Galehead said that the solar project would cater to the increasing demand from MISO utilities for low-cost energy resources. It will also accommodate the growing commitments to renewables by corporations throughout the MISO central region.
Galehead Development is a technology, greenfield development, and asset management platform for impact infrastructure investments. Since 2016, it has originated and developed an 8 GWdc pipeline of renewable projects either sold to or under joint development with third-party independent power producers, including 5 GW in MISO and 2 GW in PJM.
Recently, EDF Renewables had acquired two solar projects totaling 100 MW – Burwell, a 49.9 MW consented project in South East Cambridgeshire from AGR, and Porth Wen, a 49.9 MW consented project in North Anglesey, from Countryside Renewables in the United Kingdom. Both the projects are expected to be completed by the end of 2022.
According to Mercom’s 1H and Q2 2021 Solar Funding and M&A Report, solar project acquisitions in 1H 2021 reached 39.3 GW compared to 14.7 GW acquired in the same period last year.