Engie Secures $1 Billion in Financing for Major U.S. Renewable Energy Ventures

In a remarkable financial move, Engie North America has successfully closed tax equity financing of US $1 billion for its diverse portfolio, featuring 1.3GW of solar photovoltaic (PV) and wind assets across various United States markets. As reported by PV Tech, this transaction marks a significant milestone for the company, fortifying its position in the renewable energy sector. The financing solidifies support for six large-scale projects, composed of 950MW from solar PV and 353MW sourced from wind capacity, dispersed over key interconnection markets operated by ERCOT, MISO, and SPP.

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This arrangement stands as Engie North America's most substantial tax equity deal to date and is inclusive of three distinct agreements with prominent financial institutions: U.S. banks JP Morgan and Goldman Sachs, along with France's BNP Paribas. Engie's recent commissioning of these projects in the bustling ERCOT market, home to most of Texas' power grid, WestRock—a paper producer—secured two virtual power purchase agreements with Engie for Bernard Creek and Chillingham PV projects. Additionally, early this February, Engie and Schneider Electric, a French energy firm, entered into a Tax Credit Transfer Agreement for solar-plus-storage developments expected to go live this year.

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Rising Solar Investments in MISO Territory

The Midcontinent Independent System Operator (MISO) zone, covering 15 states in the central U.S., is witnessing a surge in solar deployments. Recently, Adapture Renewables acquired a 450MW portfolio in late 2023, followed by the purchase of another 333MW collection of solar projects from Itochu, a Japanese entity. Engie claims to have over 7GW of renewable energy capacity in development or operational in the U.S. and Canada, showcasing a significant commitment to boosting clean energy production and infrastructure.

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Upcoming Industry Events and Conferences

Engie’s strides in the renewable market come ahead of key industry events focused on the future of solar manufacturing and technology. PV Tech, a leading solar industry news source, will hold the PV ModuleTech USA conference in May 2024, uniting stakeholders from diverse sectors of the solar industry to discuss crucial module supply strategies for the U.S market through 2025 and beyond. Similarly, PV CellTech USA is set to take place in October 2024, aiming to outline solar manufacturing development in the country up to 2030.

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Source: PV Tech