Engie obtains tax equity funding for 2 GW of US renewables

The North American unit of French energy group Engie SA (EPA:ENGI) has secured up to USD 1.6 billion (EUR 1.46bn) in tax equity financing for its 2-GW portfolio of renewables assets in the US.

The financing commitments were received through Bank of America (NYSE:BAC) and HSBC (NYSE:HSBC), Houston-based Engie North America said on Thursday. The first projects that will benefit from the proceeds are the 196-MW East Fork wind farm in Kansas and the 161-MW Jumbo Hill wind park in Texas, both of which were put on stream earlier this month.

"The financing enables us to pursue our commitment to sustainable energy and increase our renewables footprint in the US with this 2 GW under development and construction for 2020," said Gwenaelle Avice-Huet, Engie North America’s CEO.

Engie North America’s renewables portfolio includes 1.5 GW of onshore wind and 500 MW of solar assets. Its parent company has set a goal of deploying 9 GW of renewables capacity globally between 2019 and 2021, of which 3 GW was already installed last year.

(USD 1.0 = EUR 0.913)

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