Engie bags US$1 billion for 1GW US solar PV portfolio

Engie bags US$1 billion for 1GW US solar PV portfolio


Engie’s 230MW Bernard Creek Solar Project in Texas. Image: Engie North America

Engie North America – a regional subsidiary of French energy utility Engie – has closed US$1 billion in tax equity financing to support a 1.3GW portfolio of solar PV and wind assets across the US.

The portfolio consists of six projects; 950MW of solar PV and 353MW of wind capacity, spread across the Electric Reliability Council of Texas (ERCOT), Midcontinent Independent System Operator (MISO) and Southwest Power Pool (SPP) interconnection markets. All of the projects have been recently commissioned, Engie said.

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They represent the largest tax equity arrangement deal signed by Engie North America to date. The financing is structured in three separate deals, with US banks JP Morgan and Goldman Sachs and France-based financial services company BNP Paribas.

Engie has a number of operations in the ERCOT market, which operates the majority of Texas’ grid. Last November the company signed two virtual power purchase agreements (VPPA) with paper producer WestRock for the Bernard Creek and Chillingham PV projects, both connected to the ERCOT system.

Earlier this month Engie inked a Tax Credit Transfer Agreement (TCTA) with French energy firm Schneider Electric for a Texas solar-plus-storage project portfolio. Details of the projects in this were not specified but were expected to be commissioned this year.

The MISO network, meanwhile, covers 15 states in the central US and has seen an increase in solar PV deployments of late. Solar developer Adapture Renewables bought a 450MW portfolio of MISO-connected projects in late 2023. Then, earlier this month, Adapture bought another 333MW MISO solar portfolio from Japanese corporation Itochu.

In total, the company claims to have over 7GW of renewable energy generation capacity either in development or operational across the US and Canada.

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PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 8-9 October 2024 is our second PV CellTech conference dedicated to the U.S. manufacturing sector. The event in 2023 was a sell out success and 2024 will once again gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing in the U.S. out to 2030 and beyond.

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