ENGIE has signed an agreement to sell 49 percent equity interest in a 2.3 GW US renewables portfolio to Hannon Armstrong
ENGIE will hold a controlling portfolio stake and will continue to manage the assets. On commissioning, this portfolio of 2.3 gigawatts (GW), comprising 1.8 GW of onshore wind and 0.5 GW of solar photovoltaic (PV) projects, will be a significant milestone in achieving ENGIE’s target of commissioning an estimated 9 GW of renewable energy by 2021.
“The U.S. is a key growth market for our renewables business, where we have a strong pipeline of opportunities and a solid development and operational platform to grow from. We are delighted to have partnered with Hannon Armstrong, a company solely dedicated to investments in climate change solutions.“Gwenaëlle Avice-Huet, executive vice president responsible for ENGIE Renewable business line and CEO of ENGIE North America.
“We have a shared mission to accelerate to the rapid adoption of climate change solutions, and we are pleased to partner with ENGIE once again to that end. This investment adds significant scale and diversity to our portfolio.”Hannon Armstrong Chairman and CEO Jeffrey W. Eckel.
Under the agreement, 49 percent of 663 megawatts ( MW) of commissioned wind projects will be taken over immediately by Hannon Armstrong. The remaining 1.6 GW of projects, currently under construction, will be transferred upon commissioning into the partnership.
ENGIE will continue to consolidate the projects in its accounts in line with the majority ownership thereof.