Engie secures $1bn finance for 1.3GW of clean energy projects in US

Engie North America, a subsidiary of French utility Engie, has secured $1bn (€923.09m) in tax equity financing for 1.3GW of renewable energy projects in the US.

The financing was secured through separate agreements with JP Morgan, Goldman Sachs and BNP Paribas.

The financing supports a portfolio of newly commissioned renewable energy projects, marking a significant milestone for the company.

The portfolio includes six projects spread across the Electric Reliability Council of Texas, the Midcontinent Independent System Operator and Southwest Power Pool regions, comprising 950MW of solar power and 353MW of wind energy.

Engie North America chief renewables officer and senior vice-president Dave Carroll stated: “We are delighted that Engie is once again able to collaborate with some of the world’s leading financial institutions to accelerate the energy transition towards a net-zero future.

“This transaction reflects our proven and recognised track record in developing, building and operating renewables assets, both in North America and globally.”

Engie has more than 7GW of renewable energy production either operational or under construction in the US and Canada.

Engie North America chief financial officer Audrey Robat stated: “Engie can rely on its strong relationships with leading financial investors to support its continued acceleration of renewable growth in the US.

“This deal also highlights the outstanding level of commitment and expertise of our teams in delivering reliable and affordable renewable generation to the grid.”

In January 2024, e-commerce giant Amazon entered a corporate power purchase agreement with Engie, securing 473MW of output from the Moray West offshore wind farm in Scotland. This aligns with Amazon’s target to power its operations entirely with renewable energy by 2025.

Moray West, which will supply energy equivalent to the annual needs of 650,000 UK homes, is expected to be operational by 2024.

With a total capacity of 882MW, the wind farm is in the Moray Firth, north-east Scotland. It reached financial close in April 2023 and is currently under construction.

Read the latest issue of the OGV Energy magazine HERE