Cubico Sustainable Investments Acquires 1 GW Solar Project in Brazil

EDF Renewables North America (EDF Renewables), an independent power producer and services provider, entered into an agreement with Luminace, a Brookfield Renewable Company, under which Luminace will acquire a 21.6 MW portfolio of three community solar projects in the U.S. state of Maine.

The projects include Overlook Solar in Bristol, Tower Solar in Embden, and Green Mile Solar in Woolwich.

Following the transaction, EDF Renewables, which developed the program, would act as an engineering, procurement, and construction (EPC) contractor, and Luminace will be the long-term owner and operator of each project.

“Luminace is pleased to partner with EDF Renewables in expanding our nationwide community solar footprint with the addition of these 21.6 MW Maine community solar projects,” said Brendon Quinlivan, Senior Vice President of Distributed Generation. “This latest acquisition is an important step in our growth strategy across the U.S. to bring clean energy solutions to our valued customers, as well as the evolving value propositions offered via Community Solar market expansion.”

The three projects are expected to generate 27,600 MWh of low-carbon energy annually, enough to power ~8,400 homes in Maine. This would be equivalent to avoiding over 19,560 metric tons of carbon emissions annually.

Peter Bay, Vice President of Project Development for EDF Renewables’ Distribution-Scale Power division, said, “EDF Renewables is proud to bring additional clean, renewable energy to Maine and contribute to the state’s economic growth. We look forward to future opportunities with Luminace to further our 14-year history of projects in Maine.”

In October 2020, EDF Renewables North America, and Geenex Solar, a utility-scale project developer, announced the close of an acquisition agreement of up to a 4.5 GW pipeline of solar development assets throughout PJM.

According to Mercom’s 9M and Q3 Solar Funding and M&A Report, in the first nine months of 2022, there were 207 project acquisitions totaling 52.1 GW, compared to 200 project acquisitions totaling 55.5 GW in the same period of last year.