Goldman Sachs has invested an undisclosed amount in Engie’s 75MW solar and energy storage development portfolio in North America.
The investment is provided through the Goldman Sachs’ Alternative Energy Investing Group and will allow for the deployment of up to 75MW of distributed solar plus battery systems across multiple states in the US.
The deal will also provide Engie with a simplified approach to raising long-term capital for the future development of its US portfolio.
Engie will retain an ownership interest in the portfolio, and will continue to construct, manage and operate the assets.
The portfolio comprises behind-the-meter installations that will provide power to commercial and municipal customers, and small-scale front-of-the-meter projects with rural electric cooperatives under previously signed long-term power purchase agreements (PPAs).
The investment will be deployed over a period of 12 months, and some projects will begin to provide solar power to the customers under these PPAs immediately.
Engie North America head of finance for distributed solar Daniela Shapiro 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.”