Goldman Sachs Asset Management has reached final close on its renewables investment platform having raised $4bn for clean energy projects.
Out of the $4bn approximately $1.9bn comprises equity capital commitments, with debt making up the remainder.
Goldman Sachs Renewable Power, a private company managed by Goldman Sachs Asset Management, owns and manages renewable power assets, mainly in the US, having deployed about $1.4bn of the money.
The company’s aim is to deliver attractive risk-adjusted returns by selling the power produced under long-term agreements to a diversified set of high credit quality institutions.
Goldman Sachs Asset Management managing director Jon Yoder said: “A broad and growing range of corporations as well as governmental and educational institutions are engaging in the effort to address climate change by committing to obtain the energy they need from renewable sources.
“We have already been successful in deploying over $1.4bn of capital, primarily into distributed generation solar assets here in the US.
“From this foundation, we see an exciting and growing opportunity set, and we are grateful for the support of our clients and their shared vision in this important effort.”
The company’s investor base includes institutions, family offices, and high net worth individuals, with lead commitments from the University of California Regents, Goldman Sachs and its employees.