The portfolio of projects includes nine onshore wind and four utility-scale solar projects in five US states
ENGIE will own a controlling share in the portfolio. (Credit: ENGIE)
US-based climate change solutions investor Hannon Armstrong Sustainable Infrastructure Capital has partnered with French electric utility company, Engie to invest in 2.3GW portfolio of wind and solar projects in U.S.
The portfolio of projects includes nine onshore wind and four utility-scale solar projects in five US states.
Hannon Armstrong said that the projects are situated in geographically diversified wind and solar resource regions and wholesale power markets such as Electric Reliability Council of Texas (ERCOT), Midcontinent Independent System Operator (MISO), PJM Interconnection (PJM), and Southwest Power Pool (SPP).
As per the terms of the partnership, Hannon Armstrong will acquire 49% of 663MW from four operating onshore wind projects.
The remaining 1.6GW of projects, which include five onshore wind and four utility-scale solar PV projects are currently under construction and will be transferred into the partnership upon commissioning.
ENGIE will own a controlling share in the portfolio and continue to manage the assets.
The portfolio will comprise 1.8GW of onshore wind and 0.5GW of solar projects
Hannon Armstrong chairman and CEO Jeffrey W. Eckel said: “We have a common mission to accelerate the rapid adoption of climate change solutions, and we are pleased to partner with ENGIE once again with this new investment that adds significant scale and diversity to our portfolio.
“Continuing to build a programmatic investment platform allows both firms to make the investment process more aerodynamic and cost-effective for ENGIE’s ultimate customers.”
Once operational, portfolio will include 1.8GW of onshore wind and 0.5GW of solar projects, which include 13 projects in total.
The portfolio of projects are contracted with creditworthy off-takers that include Amazon, Allianz, Ingersoll Rand, Microsoft,T Mobile, Target, Walmart, and Xcel Energy for an average contract life of 13 years.
In April this year, ENGIE won a total of 235MW solar and wind projects in a tender round in France.