EDF Renewables Expands Solar-Plus-Storage Portfolio with Two Major US Projects
EDF Renewables is expanding its solar-plus-storage portfolio with two significant projects in the US. The 290MW Roadrunner project in Arizona and the 150MW Milagro project in New Mexico are set to benefit from substantial tax equity financing and long-term power purchase agreements.
Enlight Renewable Energy has secured two tax equity partnerships for the Roadrunner project. The first, with J.P. Morgan Chase Bank, involves a tax equity contribution at the commercial operation date (COD) for the 290MW solar component, along with additional pay-go payments over the first decade. The second, with M&T Bank and First Citizens Bank, covers the 940MWh storage facility, worth about US$340 million at COD, expected to reach nearly US$390 million including pay-go contributions.
EDF Renewables has begun work on the Milagro project, co-located with a 300MWh battery energy storage system. It will supply electricity to El Paso Electric (EPE) under a 20-year PPA, marking EDF's first solar-plus-storage project in New Mexico. The Roadrunner project is also paired with a 940MWh storage facility.
These partnerships demonstrate the growing interest in tax equity financing for renewable energy projects. The Roadrunner and Milagro projects are expected to significantly contribute to the US's clean energy transition, with their combined storage capacity and long-term power supply agreements.
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