Abu Dhabi-based clean energy firm Masdar has taken a 50% stake in the Big Beau hybrid power project in California, marking another step in its expansion in the US. The project, developed by EDF Renewables North America, comprises a 128 MW solar photovoltaic (PV) plant and a 40 MW/160 MWh battery energy storage system.
This latest investment is part of Masdar's partnership with EDF Renewables North America, which includes a portfolio of 1.6 GW-worth of clean energy projects across the US. Masdar and EDF Renewables North America agreed to partner on this portfolio in 2020, which includes eight projects in total.
The Big Beau project is making an active contribution to US clean energy targets and will help to hold back emissions, said Masdar chairman Dr. Sultan Al Jaber. He added that partnerships between companies like Masdar and EDF Renewables are vital in ensuring ambitious decarbonization goals are met.
See also: Masdar Ventures into Kazakhstan with 1 GW Wind Power Plant Development Agreement
Decarbonization of the energy sector will require a combined effort from developers, offtakers, and investors, according to EDF Renewables North America president Tristan Grimbert. The Partnership for Accelerating Clean Energy initiative, which was announced by UAE and US officials in January 2022, will see Masdar lead a consortium of US private investors to fund $20 billion towards 15 GW of clean energy projects in the US by 2035.
Masdar CEO Mohamed Jameel Al Ramahi said the company is committed to growing its activities in the US over the coming years and sees it as an important strategic market. Masdar's expansion in the US is a significant step towards achieving global clean energy targets and limiting global warming to 1.5 degrees.
