Engie secures capital for 70MW distributed solar and solar-plus-storage portfolio

Facebook
Twitter
LinkedIn
Reddit
Email
The financing will support rooftop, commercial and industrial, community and carport solar projects. Image: Engie.

Engie North America has partnered with renewables investor Hannon Armstrong to secure US$172 million in funding for a portfolio of distributed solar and solar-plus-storage projects in the US.

The deal will allow for the financing of a portfolio with a total capacity of around 70MW, consisting of community, commercial and industrial, carport and rooftop PV projects, as well as solar-plus-storage installations. The agreement is for projects in states such as Massachusetts, Illinois, Vermont, California, Texas and Arizona.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Hannon Armstrong will provide capital to Engie until 2021 for the assets, leveraging tax equity financing through an arrangement with Morgan Stanley. Engie will retain partial ownership and provide development, construction, operational, asset management and administrative services. 

With Engie’s portfolio of owned and operated distributed solar assets currently at 300MW of capacity, the company said distributed generation represents an important piece of its US PV and PV-plus-storage market strategy.

The benefits of scaling up distributed PV and energy storage were revealed in a report published last week that suggested deploying at least 247GW of rooftop and community solar and 160GW of local energy storage is the most cost-effective way for the country to transition to a clean energy system by 2050. Alongside unlocking the potential of utility-scale PV projects, expanding local solar and storage can reduce the need for peaking plants, while increasing grid resilience, the analysis said.

The distributed generation deal comes after Engie agreed to sell a 49% stake in its US-based renewables portfolio, containing 500MW of utility-scale solar, to Hannon Armstrong earlier this year. The total 2.3GW of green energy projects included in the portfolio will represent “major milestone” in Engie’s ambition of commissioning 9GW of additional renewables by the end of 2021, the company said. 

Providing capital to companies focused on renewables, energy efficiency and sustainable infrastructure, Hannon Armstrong has more than US$6 billion in managed assets as of September 2020. The firm last year secured agreements with both Vivint Solar and SunPower.

21 May 2024
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 21-22 May 2024, will be our third PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2025 and beyond.
8 October 2024
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 8-9 October 2024 is our second PV CellTech conference dedicated to the U.S. manufacturing sector. The event in 2023 was a sell out success and 2024 will once again gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing in the U.S. out to 2030 and beyond.

Read Next

Subscribe to Newsletter

Upcoming Events

Solar Media Events
April 10, 2024
Dallas, Texas USA
Solar Media Events
April 17, 2024
Lisbon, Portugal
Solar Media Events
May 1, 2024
Dallas, Texas
Solar Media Events
May 21, 2024
Napa, USA