Feature Image for Goldman Sachs invests in 75 MW of solar, storage by Engie N America

Goldman Sachs invests in 75 MW of solar, storage by Engie N America

November 20, 2018

Solar panels in USA. Author: Pete Jelliffe. License: Creative Commons. Attribution-NoDerivs 2.0 Generic.

By Veselina Petrova

renewables now logo imageNovember 20 (Renewables Now) – Goldman Sachs (NYSE:GS) has made an investment of an undisclosed amount into a 75-MW solar and energy storage portfolio in the US of Engie North America, the latter said on Monday.

The investment was made through Goldman Sachs’ Alternative Energy Investing Group and will be deployed over 12 months. The North American unit of French energy group Engie SA (EPA:ENGI) will keep an interest in the assets and will be in charge of their construction, management and operation.

“The partnership is unique as Goldman Sachs’ investment provides both the scale and benefits of what is typically provided by separate investments from tax equity, debt, and sponsor equity investors,” said Engie.

The portfolio includes up to 75 MW of distributed solar and distributed solar-plus-battery facilities across the US, including the states of California, Nevada, Minnesota, Illinois, Texas, New York, New Jersey and Massachusetts. Some of the assets are behind-the-metre systems that will be supplying commercial and municipal customers, while some are small-scale front-of-the-metre projects with rural electric cooperatives, for which long-term power purchase agreements (PPAs) have been signed.

Engie North America is the developer of the entire portfolio. The company said that certain solar systems will start supplying electricity under the PPAs immediately.

Sheppard Mullin Richter & Hampton and Hunton Andrews Kurth served as legal advisors to Engie and Goldman Sachs, respectively. Cohn Reznick Capital Markets group was Engie’s financial counsel.

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