September 11 (Renewables Now) - The asset management arm of investment bank Goldman Sachs Group Inc (NYSE:GS) has achieved a USD-1.9-billion (EUR 1.72bn) final close on capital commitments to a new renewables investment firm.
Including debt capacity, the new private company called Goldman Sachs Renewable Power LLC expects to have about USD 4 billion of total capital to invest. It is engaged in the ownership and management of renewable power plants, mainly in the US, and, according to Goldman Sachs Asset Management (GSAM), is one of the largest owners and operators of distributed generation (DG) solar assets in the country.
Goldman Sachs Renewable Power pursues attractive risk-adjusted returns through the sale of electricity under long-term contracts with various high credit quality institutions. The investor base of the company includes institutions, family offices and high net worth individuals. Lead commitments came from the University of California Regents, Goldman Sachs itself and its employees.
“We have already been successful in deploying over USD 1.4 billion of capital, primarily into distributed generation solar assets here in the United States,” said Jon Yoder, managing director and head of the GSAM Renewable Power Group.
(USD 1.0 = EUR 0.905)