Solar

ENGIE completes $1B in tax equity financing for 1.3 GW of wind, solar

ENGIE completes $1B in tax equity financing for 1.3 GW of wind, solar
(Photo by American Public Power Association on Unsplash )

ENGIE North America announced it has completed more than $1 billion of tax equity financing for 1.3 GW of recently commissioned wind and solar projects.

The portfolio consists of six projects across ERCOT, MISO, and SPP and includes 950 MW of solar and 353 MW of wind capacity. The aggregate 1.3 GW total of these renewable projects represents one of the largest Tax Equity financing arrangements for ENGIE North America so far. The financing was completed through separate agreements with three banks: J.P. Morgan, Goldman Sachs, and BNP Paribas.

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“We are delighted that ENGIE is once again able to collaborate with some of the world’s leading financial institutions to accelerate the energy transition towards a net zero future,” said Dave Carroll, Chief Renewables Officer and SVP, ENGIE North America. “This transaction reflects our proven and recognized track record in developing, building, and operating renewables assets, both in North America and globally”.

ENGIE currently has more than 7 GW of renewable production in operation or construction across the U.S. and Canada. Globally, ENGIE said it has an aspiration to add 4 GW per year globally through 2025, with North America as a contributor to that growth.

“ENGIE can rely on its strong relationships with leading financial investors to support its continued acceleration of renewable growth in the U.S.,” said Audrey Robat, Chief Financial Officer, ENGIE North America. “This deal also highlights the outstanding level of commitment and expertise of our teams in delivering reliable and affordable renewable generation to the grid.”

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