Market Overview

EDF Renewables to Provide Southern California Public Power Authority with 70 MWac of Solar Energy


Project Demonstrates Innovative Structuring Solutions

Renewables North America
announces the signing of a 25-year Power
Purchase Agreement (PPA) with Southern
California Public Power Authority (SCPPA)
for the energy and
renewable attributes related to the 70 megawatts (MWac) / 100.8 MWdc
Desert Harvest II solar photovoltaic project under a Renewable Energy
Credit (REC) + Index structure. The Desert Harvest II Solar Project is
expected to begin delivery of clean electricity to SCPPA's participating
members, Anaheim, Burbank, and Vernon, starting in 2020. In conjunction,
EDF Renewables signed a long-term financial hedge for power with Morgan
Stanley Capital Group Inc.

This transaction demonstrates EDF Renewables' ability to create
customer-centric solutions. Under the SCPPA PPA, EDF Renewables worked
diligently with forward-thinking California municipalities to create a
structuring solution to address the specific challenges posed by the
California "duck curve." EDF Renewables is able to provide SCPPA with a
PPA structure that shelters the buyer from exposure to merchant prices
through the utilization of a long-term hedge, coupled with a 35 MW,
4-hour energy storage system (ESS), which are both the responsibility of
and for the benefit of the Seller.

The Desert Harvest II Solar Project is located on unincorporated land in
Riverside County, California, administered by the Federal Bureau of Land
Management (BLM). The BLM designated this area as a Solar Energy Zone
(SEZ) and Development Focus Area, land set aside for utility-scale
renewable energy development. Desert Harvest II is also specially
designed to generate clean energy while protecting wildlife habitat and
public lands. The project will utilize horizontal single-axis tracking
solar photovoltaic (PV) technology.

"EDF Renewables is pleased to partner with SCPPA's participating members
– Anaheim, Burbank, and Vernon - to supply affordable, in-state solar
energy to their customers from the Desert Harvest II Solar Project,"
commented Ryan Pfaff, executive vice president of grid-scale power at
EDF Renewables. "Desert Harvest II represents the Company's second
collaboration with SCPPA, and we look forward to working with them to
make the project a success, providing a boost to the Riverside County
economy in parallel through the creation of new jobs."

SCPPA's Executive Director, Mike Webster, states "EDF Renewable's Desert
Harvest II Solar Project will help to allow our participating member
utilities to be on track to achieve their renewable production goals of
40% by the end of 2024."

In addition to its economic benefits for Riverside County, the project
will utilize an innovative design to generate enough clean energy to
meet the consumption of up to 35,000 average California homes. This is
equivalent to avoiding more than 173,000 metric tons of CO₂ emissions
annually1 which represents the greenhouse gas emissions from
37,000 passenger vehicles driven over the course of one year.

1 According to US EPA Greenhouse Gas Equivalencies

About EDF Renewables North America:

EDF Renewables North America is a market leading independent power
producer and service provider with over 30 years of expertise in
renewable energy. The Company delivers grid-scale power: wind (onshore
and offshore), solar photovoltaic, and storage projects; distributed
solutions: solar, solar+storage, EV charging and energy management; and
asset optimization: technical, operational, and commercial skills to
maximize performance of generating projects. EDF Renewables' North
American portfolio consists of 10 GW of developed projects and 10 GW
under service contracts. EDF Renewables is a subsidiary of EDF Energies
Nouvelles, the dedicated renewable energy affiliate of the EDF Group.
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