EDF Renewable Energy and Riverbank Power Form Pumped Storage Joint Venture
Client EDF Renewable Energy (formerly enXco Inc.) an EDF Energies Nouvelles Company, recently announced the formation of a joint venture agreement with Riverbank Power to develop pumped storage facilities in North America. The joint venture's initial efforts will focus on large scale development in the Northwest region of the United States.
"EDF Renewable Energy has spent a significant amount of time rigorously evaluating the North American market for pumped storage solutions," commented Tristan Grimbert, President and CEO of EDF Renewable Energy in a company press release. "Establishing a partnership with Riverbank represents an opportunity to further develop the potential for energy storage which is necessary to integrate renewable energy and provide much needed ancillary services. We are uniquely positioned to leverage our 25 years of IPP experience in the US along with EDF's unmatched hydro technical expertise to address the need for storage in the US."
Stoel Rives assisted EDF Renewable Energy in negotiation of the joint venture and in performing due diligence, including corporate, water rights, tribal, real estate and licensing issues. The Stoel Rives client team consisted of David Benson (lead), Janet Jacobs, Chad Marriott, Cherise Oram, Michael O'Connell, David Filippi, Rich Hall and Kevin Erickson.