ENGIE Secures $1 Billion Financing for 1.3 GW Renewable Projects

ENGIE North America (ENGIE), a U.S.-based electric utility, announced the completion of more than $1 billion in tax equity financing for 1.3 GW of renewable energy projects in the U.S.

The financing was secured through separate agreements with three banks, including J.P. Morgan, Goldman Sachs, and BNP Paribas. The financing pertains to a portfolio of recently commissioned renewable projects in the U.S. The overall portfolio consists of 6 projects across ERCOT, MISO, and SPP, including 950 MW of solar and 353 MW of wind capacity.

“We are delighted that ENGIE is once again able to collaborate with some of the world’s leading financial institutions to accelerate the energy transition towards a net zero future,” said Dave Carroll, Chief Renewables Officer and SVP, ENGIE North America. “This transaction reflects our proven and recognized track record in developing, building, and operating renewables assets, both in North America and globally.”

“ENGIE can rely on its strong relationships with leading financial investors to support its continued acceleration of renewable growth in the U.S.,” said Audrey Robat, Chief Financial Officer, ENGIE North America. “This deal also highlights the outstanding level of commitment and expertise of our teams in delivering reliable and affordable renewable generation to the grid.”

ENGIE currently has more than 7 GW of renewable production in operation or construction across the U.S. and Canada.

According to Mercom’s Q4 and Annual Global Solar Funding and M&A report, large-scale project funding deals announced in 2023 came to $44.5 billion in 229 deals, of which 196 were disclosed.

Recurrent Energy, a global developer, owner, and operator of solar and energy storage, secured financial closure on the 119 MW Horus Solar project in Mexico. The solar project was closed under a non-recourse financing of $51 million provided by Korea Eximbank (KEXIM), South Korea’s official export credit agency, and KEB Hana Bank, one of South Korea’s largest banks.