Engie closes investment with Goldman Sachs for 75MW of PV projects

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
This financing will help deploy up to 75MW of distributed solar and distributed solar plus battery systems across multiple states in the US.

ENGIE North America’s Distributed Solar team has closed on an investment from Goldman Sachs’ Alternative Energy Investing Group into a partnership that is managed by ENGIE.

Due to this financing structure, the partnership will be able to deploy up to 75MW of distributed solar and distributed solar plus battery systems across multiple states in the US, including California, Nevada, Minnesota, Illinois, Texas, New York, New Jersey, and Massachusetts.

ENGIE will retain an ownership interest in the PV portfolio, and will construct, manage, and operate the assets.

The pipeline of projects feature behind-the-meter installations that will provide power to commercial and municipal customers, along with small-scale front-of-the-meter projects with rural electric cooperatives under previously signed long-term PPAs. 

Goldman Sach’s investment will be deployed over a period of twelve months, while some projects will begin providing power to its customers through these PPAs immediately.

Daniela Shapiro, head of finance for distributed solar at ENGIE North America, said: “We are delighted to have finalized this structure with Goldman Sachs’ Alternative Energy Investing Group to bring increasing amounts of renewable, reliable, and cost-effective energy to business and communities across the United States.

“Our collaboration brings together two leading players in the energy and financing space to really help accelerate access to renewable energy and battery storage at the distributed scale. By working with such a financing partner, we were able to package and simplify the process which brings benefits to everyone involved.”

Read Next

PV Tech Premium
October 27, 2021
As prices rise and component availability remains tight, both solar’s upstream and downstream are rallying behind the common cause of ensuring which projects can go ahead, do go ahead in a timely fashion. Liam Stoker assesses the industry’s efforts to keep the supply chain moving forward.
PV Tech Premium
October 22, 2021
Average winning solar bids in Spain’s renewables auction this week came in above those for wind as interest among PV bidders faltered against a backdrop of rising equipment costs and regulatory uncertainty.
October 15, 2021
European renewables investment management firm Greencoat Capital has confirmed its entry to the US renewables market and is plotting to invest up to US$5 billion over the next five years.
October 12, 2021
Japanese oil and metals giant Eneos has bought Japan Renewable Energy Corporation (JRE) as it seeks to bolster its sustainable portfolio and target renewables growth.
PV Tech Premium
September 13, 2021
Following the release of the US Department’s Solar Futures Study, Liam Stoker assesses the downstream and upstream trends that must be realised for US solar to fulfil its potential.
September 1, 2021
French utility giant Engie has signed a 24/7 power supply agreement with Google for 140MW of carbon-free energy to its operations in Germany in an arrangement the companies have called a “first-of-its-kind”

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
November 10, 2021
8am (PST) | 5pm (CET)
Solar Media Events
December 1, 2021