ENGIE North America Adds Solar to Renewables Portfolio

Apr 13, 2020 04:41 PM ET
  • ENGIE North America, an independent power manufacturer and also power performance providers, has actually authorized a significant tax obligation equity funding for its renewables profile.
ENGIE North America Adds Solar to Renewables Portfolio
Image: solarindustrymag.com

The profile contains 2.0 GW of sustainable possessions, consisted of 1.5 GW of onshore wind as well as 0.5 GW of utility-scale solar PV projects (11 ranches in total amount). These properties lie in crucial markets, consisting of the Electric Reliability Council of Texas (ERCOT), Southwest Power Pool (SPP), and also Pennsylvania, New Jersey, Maryland Power Pool (PJM).

Via the deal and also based on fulfilling particular financing problems, ENGIE North America has actually safeguarded funding via tax obligation equity dedications of approximately $1.6 billion on the projects with Bank of America and also HSBC. Projects will certainly be moneyed as they are appointed starting in April.

"This is an essential action in our zero-carbon power change in the U.S., as well as we are delighted to have the assistance of our companions, Bank of America as well as HSBC in this tax obligation equity funding," states Gwenaelle Avice-Huet, executive vice head of state of ENGIE and also CEO of ENGIE North America.

"The funding allows us to seek our dedication to lasting power and also boost our renewables impact in the U.S. with this 2.0 GW under advancement and also building for 2020," includes Avice-Huet.

As part of this purchase, ENGIE North America has actually gotten earnings for 2 wind ranches: East Fork, a 196 MW wind project in Thomas County, Kan., as well as Jumbo Hill, a 161 MW wind project found in Andrews County, Texas.

Tax obligation equity funding is the typical framework made use of in the U.S. to sustain the growth of renewables projects.

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