EDF Renewable Energy and Marubeni Corp. announced Jan. 7 that a subsidiary of Marubeni acquired a 90% economic interest in the 102.5-MW Shiloh IV Wind Project.
The Shiloh IV Wind Project, located in Solano County, Calif., commenced operations in December 2012 and supplies electricity into the California ISO transmission system under a 25-year power purchase agreement with Pacific Gas and Electric. Consisting of 50 REpower MM92 turbines, Shiloh IV generates clean electricity sufficient to supply approximately 40,000 average homes.
EDF Renewable Energy will retain a 10% stake in the project. Its affiliate, EDF Renewable Services, will continue to provide operations and maintenance services. Marubeni will participate in asset management roles working with EDF Renewable Energy in the administration of the project.
“EDF Renewable Energy values this partnership with Marubeni and the opportunity to engage in another successful transaction,” said Raphael Declercq, Director of Divestiture and Portfolio Management. “This sale illustrates our ability to recycle capital to fund future development while staying fully involved in the project. This is an important aspect of our business model that allows us to further our ambition as a world-class renewable project developer.”
“With this investment we recognize the experience and successful track record of EDF Renewable Energy and we look forward to strengthening our relationship. Marubeni is committed to expanding our power generation portfolio in North America and other global markets,” said Toshi Fukumura, President and CEO of New York-based Marubeni Power International.