Engie strikes bargain to market 49% equity stake in US renewables portfolio

• French utility Engie has accepted market a minority 49% risk in a US-based renewables profile including 500MW of utility-scale solar.

Engie revealed today that it had penciled a bargain to sell a 49% equity rate of interest in a 2.3 GW portfolio of projects to renewables investor Hannon Armstrong.

The portfolio is yet to be totally commissioned, but upon conclusion Engie stated it will stand for a "significant turning point" in the company's target of appointing 9GW of extra renewables by the end of following year.

Hannon Armstrong will take prompt possession of a 49% risk in 663MW of commissioned wind projects, with the staying 1.6 GW of projects due to be transferred upon completion. This jobs are called continuing to be under construction.

The solar contingent of the portfolio consists of 4 specific jobs. Engie has not identified the jobs specifically, however has revealed that the entire portfolio includes generators in key US markets such as the Electric Reliability Council of Texas (ERCOT), the Midcontinent Independent System Operator (MISO), PJM interconnection as well as the Southwest Power Pool.

Earlier this year the utility safeguarded US$ 1.6 billion in tax equity commitments for the profile, defined at the time as the largest ever before in the US. Engie has indeed identified the United States as one of its vital growth markets in the middle of an expansion and reorganisation which, adhering to former chief executive Isabelle Kocher's ousting earlier this year, has actually been up in the air.

Hannon Armstrong buys different tidy energy-focused fields, consisting of both behind-the-meter as well as grid-connected renewables, as well as lasting framework. It lays claim to having 4,000 acres land and lease streams which underpin lots of utility-scale jobs with an integrated capacity of nearly 700MW in its portfolio, while additionally having spent around US$ 120 million in C&I, area and household solar systems to date.

"We have a common goal to increase to the quick adoption of environment adjustment options, and we are pleased to companion with Engie once again therefore. This financial investment includes considerable scale as well as variety to our portfolio," Jeffrey W. Eckel, chairman and CEO at Hannon Armstrong, stated.