Engie Completes $1 Billion Tax Equity Financing for Renewable Energy Projects

Wind farm at sunset

(Credit: Engie)

by | Mar 1, 2024

This article is included in these additional categories:

Engie North America has announced the completion of over $1 billion in tax equity financing to fund six new renewable energy projects, representing 1.3 gigawatts of energy generation.

The new financing, reportedly one of the largest tax equity arrangements for the company so far, was achieved through separate agreements with J.P. Morgan, Goldman Sachs, and BNP Paribas.

Engie currently has more than 7 GW of renewable energy production in operation or under construction across North America, and the new projects will add an additional 950 megawatts of solar and 353 megawatts of wind capacity. Projects are planned for the Electric Reliability Council of Texas, Midcontinent Independent System Operator, and Southwest Power Pool markets.

“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 senior vice president of 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 said it aims to add 4 GW of energy capacity each year globally through 2025.

Financing Follows Recent Acquisition, Energy Collaboration

Engie has undergone a series of developments in the past months to further its renewables portfolio and support its goal to reach 10 GW of global battery capacity by 2030.

Last August, the company acquired Broad Reach Power for a total equity value of $1 billion, receiving 350 MW of operating assets and 880 MW of sites under construction. Earlier this year, Engie also announced a collaborative agreement with Schneider Electric in which Engie will provide building and operation of solar and battery storage systems for the company. Both companies will benefit from a solar Tax Credit Transfer Agreement in developing the Texas-based clean energy projects.

As a leader in the clean energy industry, Engie has partnered with a variety of major corporations, such as Amazon, Nestle, and Google, and has also benefitted from investment from both the public and private sectors.

“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 of 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.”

Additional articles you will be interested in.

Stay Informed

Get E+E Leader Articles delivered via Newsletter right to your inbox!

This field is for validation purposes and should be left unchanged.
Share This