ENGIE North America Gets $800m Financing for 665 MW Wind, Solar Projects

Highlights :

  • Tax-Equity financing for its Iron Star and Priddy wind projects and Equity financing for the portfolio of these assets along with the Hawtree solar project were on agenda.
  • Bank of America, Wells Fargo and InfraRed Capital Partners among others participated in the financing.

ENGIE North America has announced that the company has successfully completed Tax-Equity financing for its Iron Star (Kansas)  and Priddy (Texas) wind projects and Equity financing for the portfolio of these assets along with Hawtree solar project. The solar project was recently declared commercially operational. Together the projects total 665 MW.

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ENGIE says that leading financial institutions participated in the financing which included long-standing Tax-Equity relationships with Bank of America and Wells Fargo among others and a new relationship with InfraRed Capital Partners who provided equity investments for the projects.

“We are excited to again collaborate with Bank of America and Wells Fargo among others to fund our growing renewables portfolio. We are also happy to be joined by a new equity partner in InfraRed – we are creating long-term relationships that are helping to accelerate the journey to carbon neutrality across the United States.” said Eric De Caluwe, Head of Acquisitions, Investments and Financial Advisory, ENGIE.

Chief Renewables Officer for ENGIE, David Carroll said, “ENGIE’s deep operating experience of renewable projects coupled with our relationships with leading financial institutions such as Bank of America, Wells Fargo and InfraRed provides the strongest foundation possible to meet the need for major expansion of wind, solar and storage capacity across North America,”

“With more than 4,500 MW of renewables in operation or construction in North America, building strong collaborations such as these is a cornerstone of our approach,” added Carroll.

Jack Paris, head of Americas for InfraRed Capital Partners, said “We are delighted to invest in Iron Star, Priddy and Hawtree and look forward to building a strong relationship with an experienced and industry leading partner, such as ENGIE. This investment expands our activities in North America and supports our significant growth ambition in the clean energy sector.”

The two wind projects located in Ford County, Kansas and Mills County, Texas, respectively, are owned by affiliates of ENGIE. The Hawtree solar project is in Warren County, North Carolina. The projects are part of the more than 4 GW portfolio of renewable energy assets currently managed by ENGIE across North America.

The Iron Star wind projects have 62 wind turbines capable of producing 4.8 MW each and 63 turbines of the same size operating at the Priddy project. The Hawtree project’s installed capacity is equal to 65 MWac. The renewable power that is produced at the projects will be sold under previously agreed long-term PPAs. ENGIE informs that the three projects can produce clean energy to meet the needs of around 200,000 American homes.

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