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

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on 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

July 22, 2021
US Senate majority leader Chuck Schumer has failed in a bid to fast-track the US’ US$1.2 trillion infrastructure investment bill through the Senate. But there remains hope that further progress could be made as early as next Monday, when some Republican senators believe the bill will be fit to proceed.
PV Tech Premium
July 15, 2021
Earlier this week the US National Renewable Energy Laboratory (NREL) published its 2021 Annual Technology Baseline (ATB) document, detailing the continued reduction in the levelised cost of electricity (LCOE) of the country’s core generators. Liam Stoker takes a look at the data and discusses just how cheap solar, and solar-storage, could become.
July 15, 2021
Legislation that would ban the import of all products from China’s Xinjiang region into the US has taken a critical step forward, passing the US Senate.
July 9, 2021
The US government has added a host of new China-based solar companies to its Entity List, effectively banning imports of their products into the country.
July 1, 2021
Engie has been awarded rights to develop two hybrid projects in Chile that will combine solar, wind and battery storage and have a combined capacity of 1.5GW.
June 24, 2021
The US government is set to block the imports of some solar products with links to the Xinjiang region of China in response to allegations of the use of forced labour.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
August 19, 2021
At 9am (PT) | 6pm (CEST)
Solar Media Events
August 25, 2021
Solar Media Events
October 6, 2021
Solar Media Events
October 19, 2021