Engie North America initiated a major tax equity financing plan for its renewable energy portfolio.
With this action, the company has secured financing through tax equity commitments of up to $1.6 billion on various renewable projects through Bank of America and HSBC. The projects will be funded as they are commissioned starting in April 2020.
The portfolio consists of 2.0 gigawatts (GW) of renewable assets. This total includes 1.5 GW of onshore wind and 0.5 GW of utility-scale solar PV projects. These assets are located in key markets, including the Electric Reliability Council of Texas (ERCOT), Southwest Power Pool (SPP) and Pennsylvania, New Jersey, Maryland Power Pool (PJM).
Also, as part of this transaction, Engie received proceeds for two wind farms commissioned in the past week – East Fork, a 196 megawatt (MW) wind project in Thomas County, Kan., and Jumbo Hill – a 161 MW wind project located in Andrews County, Texas.
The United States is a priority market for Engie North America, which is based in Houston. The company plans to install 9 GW of additional renewables capacities between 2019 and 2021.
“This is an important step in our zero-carbon energy transition in the United States, and we are excited to have the support of our strong partners, Bank of America and HSBC in this tax equity financing,” Gwenaelle Avice-Huet, executive vice president of Engie and CEO of Engie North America. “The financing enables us to pursue our commitment to sustainable energy and increase our renewables footprint in the U.S. with this 2.0 GW under development and construction for 2020.”
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