A subsidiary of Goldman Sachs Renewable Power is investing $86.9 million in commercial solar project leases. The deal involves 233 megawatts to be leased from SunPower, according to a filing this week with the Securities and Exchange Commission (SEC).
In total, the portfolio encompasses approximately 200 projects in nine states. According to Greentech Media, when the deal closes, Goldman will own the leases and collect electricity payments from the customers. SunPower and Goldman also agreed on a deal for SunPower to service customers with maintenance and upgrades going forward.
SunPower is partnering with other corporate powerhouses as well. In October 2018, Walmart announced it reached an agreement with SunPower to have the commercial energy provider install solar systems at 19 stores and two distribution centers in Illinois.
As part of the project, a mix of rooftop and ground-mount solar systems are expected to account for 23 megawatts, with start of construction targeted for the first half of 2019. This commitment moves Walmart closer to its 2025 goal of supplying its global operations with 50% renewable energy.
Walmart is financing the solar projects through a power purchase agreement (PPA) arranged by SunPower, which allows the retailer to buy power at competitive prices and hedge against future utility rate increases with no upfront capital costs. Walmart will own the renewable energy credits associated with the system.
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