March 10 (Renewables Now) - US investment bank Goldman Sachs Group Inc (NYSE:GS) will spend up to USD 275 million (EUR 242m) to finance the activities of a new joint venture (JV) that will develop, construct, own and operate distributed solar power plants.
The JV will be between Goldman Sachs' Alternative Energy Investing Group and TELOS Clean Energy, which will provide the development and construction expertise needed to originate, execute and manage the assets within the portfolio.
In addition to Goldman Sachs’ backing, the project will benefit from tax equity, debt and sponsor investments coming from several other parties, according to the announcement.
The solar projects financed by the JV will be selling their output to commercial, industrial and municipal customers.
"Specializing in development, construction, and asset management, this joint venture will allow us to scale and execute at pace," said TELOS' CEO Andrew Chester.
(USD 1.0 = EUR 0.880)