We advised MEAG, acting in its capacity as Munich Re’s global asset manager, on the acquisition of a 50% stake in two adjacent renewable energy projects in Riverside County, California from EDF Renewables. The acquisition includes the Maverick 6 Solar-plus-Storage Project, a 131 MW solar array coupled with a 50 MW battery storage system, and the 179 MW Maverick 7 Solar Project.
The construction phase projects - once in operation - are expected to collectively generate enough clean energy to meet the electricity consumed by 116,500 average California homes, offsetting 527,000 metric tons of CO2 emissions annually.
MEAG, acting on behalf of Munich Re, has more than 1 GW of wind and solar assets under management in Europe and in the U.S, and plans to expand its presence in the US renewable energy sector over the coming years through strategic partnerships and investments. The transaction will enable MEAG to scale up its existing US renewable energy portfolio, while meeting its commitment to sustainable investing.
The team was led by Kristin Seeger and Kyle Drefke and included Ayla Vilander, Andrea Memovic, Wolf Pohl, Cory Lankford, Mark Weitzel, Scott Cockerham, Irma Foley, Darrell Thomas, Sue Cowell and Zach Huey.