Engie, Hannon Armstrong to invest in 70-MW DG solar portfolio
Solar-plus-storage plant. Source: Engie Eps
Engie North America Inc has joined hands with investment manager Hannon Armstrong Sustainable Infrastructure Capital Inc (NYSE:HASI) to invest in a distributed generation (DG) solar portfolio of 70 MW.
The portfolio will consist of solar and commercial & industrial (C&I) solar projects, including ground-mounted, carport and rooftop schemes, as well as solar-plus-storage installations. The projects will be spread across the US, the unit of French energy group Engie SA (EPA:ENGI) said on Tuesday.
The investment that will be directed towards the portfolio is estimated at USD 172 million (EUR 142m). Committed capital by Hannon Armstrong through end-2021 will be used to fund the initiative. The investment manager has an upper-tier arrangement with Morgan Stanley for tax equity financing.
Engie North America will have a partial interest in the assets and will take care of the development, construction, operational, asset management and administrative services. The company noted it currently owns around 300 MW of DG solar assets.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.