TORONTO and SAN DIEGO, Aug. 28, 2024 (GLOBE NEWSWIRE) -- Power Sustainable Energy Infrastructure Inc. (PSEI), the renewable energy infrastructure investment group of Power Sustainable (PS), and EDF Renewables North America (EDF Renewables), announced today the phase 1 closing of a strategic investment whereby PSEI acquired a 50-percent stake in the Desert Quartzite Solar+Storage Project. This investment was executed together with Potentia Renewables Inc, (Potentia), PSEI's integrated developer and operator. The final phase of the investment will close upon the project's completion and commercial operation.
Desert Quartzite, located in Riverside County, California, is currently under construction, and will represent 300 megawatts (MW) of solar generation, combined with a 150 MW/4-hour battery energy storage system (BESS). The electricity generated will be delivered to Clean Power Alliance, the Community Choice Aggregator serving 35 communities in Los Angeles and Ventura Counties, under a 20-year power purchase agreement (PPA). Construction is expected to be complete by year-end, with long-term operations and maintenance performed by EDF Renewables' Asset Optimization.
"We are thrilled to be expanding our presence in the California utility-scale market," said Pierre-Olivier Perras, Managing Partner at Power Sustainable Energy Infrastructure. "The swift and collaborative process was a testament to our mutual commitment to making this partnership a success. It became evident during our due diligence that the EDF Renewables team is top-notch, and we greatly value the professionalism and expertise each department demonstrated."
This investment is PSEI's largest to date, and builds on their inaugural ...
