Engie North America finds investor for 70-MW solar undertaking pipeline

D. E. Shaw starts construction of 70-MW Louisiana solar project

ENGIE North America and Hannon Armstrong, investor in climate change solutions, announce a new partnership to jointly invest in a DG portfolio of solar and Solar + storage systems in the United States.

The portfolio includes a diversified array of solar and commercial and industrial ground, carport and rooftop solar and Solar + storage projects (totaling approximately 70 MW) in the US, including Massachusetts, Illinois, Vermont, California, USA. Texas and Arizona.

“ENGIE is excited to partner with Hannon Armstrong on this portfolio, which further demonstrates ENGIE’s leadership and strong commitment to climate change goals for its customers. This new partnership strengthens the ambitions of our organizations, ”said Gwenaëlle Avice-Huet, Executive Vice President for Renewable Energies and Hydrogen in France, responsible for Global Renewable and CEO of the North America Business Unit. “This program signals a further dynamic if we work together with our customers towards a climate-neutral future.”

Under the agreement, ENGIE will be able to rely on Hannon Armstrong’s committed capital until December 31, 2021 to fund GD’s assets in the United States. ENGIE retains partial ownership and provides development, construction, operations, asset management and administrative services. Hannon Armstrong will provide ENGIE capital through a structure that makes efficient project flow more efficient and leverages tax-equity funding through a top-level arrangement with Morgan Stanley.

Hannon Armstrong’s collaboration with Morgan Stanley on this portfolio is an extension of the business relationship, as Morgan Stanley is the first US bank to be required to disclose the greenhouse gas emissions of the portfolio and to push for a uniform measurement of the financed emissions via the partnership for carbon support accounting finance.

“We are very pleased to expand our programmatic relationship with ENGIE with this latest agreement,” said Jeffrey W. Eckel, Chairman and CEO of Hannon Armstrong. “This partnership underscores one of the main strengths of our historic core value proposition for customers in implementing scalable investment solutions for smaller, distributed projects for clean energy that are essential for a climate-positive future.”

Decentralized generation is an important part of ENGIE’s US market strategy for Solar + storage as it represents a significant share of the total market for Solar + storage for non-residential use. Distributed clean energy generation, including the collective solar projects in the portfolio, promotes access to renewable energy and is a key component of the goals and ambitions of cities, towns, businesses and utility companies for clean energy. ENGIE currently owns and operates around 300 MW DG solar systems.

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