The 2GW renewable assets include 1.5GW of onshore wind projects and 0.5GW of utility-scale solar PV projects in 11 farms
ENGIE North America secures tax equity funding for 2GW renewable assets in US. (Credit: Pixabay/seagul)
US-based electric utility ENGIE North America has secured financing of about $1.6bn in tax equity commitments for its 2GW portfolio of renewable assets in the US.
The firm, a subsidiary of French electric utility company Engie, has secured the equity financing commitments of up to $1.6bn on the projects through Bank of America and HSBC.
The renewable assets include 1.5GW of onshore wind projects and 0.5GW of utility-scale solar PV projects, which include a total of 11 farms.
The assets are located in Electric Reliability Council of Texas (ERCOT), Southwest Power Pool (SPP) and Pennsylvania, New Jersey, Maryland Power Pool (PJM).
The firm’s parent company has set a target to install 9GW of additional renewables capacity between 2019 and 2021 globally, of which 3GW was already installed last year.
ENGIE North America receives proceeds for two recently commissioned wind farms
ENGIE North America CEO and ENGIE executive vice-president Gwenaelle Avice-Huet said: “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.
“The financing enables us to pursue our commitment to sustainable energy and increase our renewables footprint in the US with this 2.0 GW under development and construction for 2020.”
As part of the tax equity financing, the company has received proceeds for 196MW East Fork wind project in Thomas County, Kansas and for the 161MW Jumbo Hill wind project which is located in Andrews County, Texas.
Both the wind farms were commissioned earlier this month.
Recently, Engie has won a total of 235MW solar and wind projects during the latest round of tenders in France.