The pipeline acquisition brings to EDF Renewables the regional development expertise of Geenex, a utility-scale solar developer, while EDFR contributes with its financial and late-stage development expertise from a long-term owner and operator perspective. The transaction will accelerate EDFR growth in the PJM wholesale electricity market to meet the growing demands of corporate and utility customers seeking cost-effective renewable energy sources.
Founded in 2012, Geenex is a skilled developer of greenfield utility-scale solar projects ranging in size from 20 MW to more than 400 MW. The team is experienced in all aspects of project development including site evaluation, land acquisition, facility and interconnection engineering, environmental analysis, as well as federal, state and local permitting. In a relatively short time, Geenex has successfully expanded its business by working with the financial team at New Energy Capital. This has allowed them to triple the number of employees and build a development pipeline that has led to over 1.9 GW of solar development sales prior to this transaction.
“Having EDFR recognize the strength and value of Geenex-developed projects is quite a testimony to the hard work of the Geenex Solar team,” says Georg Veit, CEO of Geenex. “Our regional approach has enabled us to build a competitive development pipeline of over 20 projects in the PJM market. We are excited by the opportunity to build out this solar pipeline with a development partner such as EDFR. They share our vision on local engagement and long-term commitment to projects that will provide valuable economic benefits for our landowners and our communities.”
EDF Renewables was introduced to Geenex through the development and construction of the Pecan and Gutenberg solar projects in 2015. Jefferies Financial Group served as exclusive financial advisor to Geenex. The portfolio of project assets in the transaction exceeds 20 solar projects in various stages of development. The first projects expect commercial operation in 2023 with other projects to follow.