Goldman Sachs to acquire 204MW PV portfolio from SJI

Facebook
Twitter
LinkedIn
Reddit
Email
Through its wholly-owned subsidiary, Marina Energy,  SJI owns 76 distributed solar energy projects with total capacity of 204MW. Image: Goldman Sachs

Goldman Sachs Asset Management (GSAM) has entered into an agreement with South Jersey Industries (SJI) to acquire SJI’s portfolio of PV projects for approximately US$350 million.

Through its wholly-owned subsidiary, Marina Energy,  SJI owns 76 distributed solar energy projects with total capacity of 204MW. The projects are located in 143 sites spread across New Jersey, Maryland, Massachusetts and Vermont. Power generated by these installations provide power to schools, hospitals, and commercial and industrial facilities.

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

As part of this agreement, Marina will sell off all of the projects in the portfolio to GSAM while leasing back certain projects to preserve investment tax credits (ITCs) previously received by the company. Marina will also sell GSAM the solar renewable energy credits (SRECs) generated by the projects.

Michael J. Renna, president and CEO of SJI, said: “This transaction represents the latest chapter in our ongoing effort to transform our business by monetizing non-core, non-regulated businesses and increasing investments in regulated assets that provide highly-visible cash flows and earnings. We are pleased to partner with GSAM in transitioning these high-quality assets to new ownership.”

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
March 12, 2024
Frankfurt, Germany
Upcoming Webinars
March 13, 2024
9am EDT / 1pm GMT / 2pm CET
Solar Media Events
March 19, 2024
Texas, USA