Environmental Defense Fund invests in $3.7B in new investments in energy, defense
By MATTHEW D. MARTIN, APEnvironmental Defense Fund (EDF) chairman and CEO John Feehery has made a name for himself as a staunch supporter of renewable energy sources.
In January, he joined other leading environmental advocates to form the “green coalition,” which includes some prominent funders such as Microsoft Corp., Apple Inc., General Electric Co., Exxon Mobil Corp., SunEdison Inc., and Chevron Corp.
He also sits on the boards of a number of renewable-energy companies.
The fund has invested in several of those companies, including wind power provider First Solar Corp., which is under scrutiny by the Federal Energy Regulatory Commission (FERC).EDF also invests in the companies SolarCity Corp. and NextEra Energy Corp., as well as some companies that are working to develop solar and wind energy technologies.
The investment, which comes after the company announced a $100 million investment, comes amid heightened scrutiny over the future of solar and solar-power technology.
The company’s announcement prompted President Donald Trump to order a moratorium on new solar installations.
The group is also known for backing renewable-power projects in California, where it has spent more than $20 million on projects.
In June, EDF announced it was investing $2.8 billion to develop wind and solar energy in the U.S., the first such investment from a large environmental group.
The investment, known as the EDF Clean Energy Fund, is part of the group’s efforts to help boost renewable energy.
The EDF has also invested in renewable energy projects in China, including an expansion of the China National Solar Energy Corporation (CNEC) that is part-owned by Chinese state-owned giant SolarCity, and in the Philippines, where the EDG is developing a solar park that is scheduled to open in 2019.