ENGIE North America Signs Major Tax Equity Financing for Its 2.0 GW US Renewables Portfolio

PVTIME – Today ENGIE North America announced it has signed a major tax
equity financing for its renewables portfolio. The portfolio consists of 2.0 GW
of renewable assets, comprised of 1.5 GW of onshore wind and 0.5 GW of utility-scale
solar PV projects (11 farms in total). These assets are located in key markets,
including Electric Reliability Council of Texas
(ERCOT), Southwest Power Pool (SPP) and Pennsylvania,
New Jersey, Maryland Power
Pool (PJM).

Through the transaction and subject to meeting certain
funding conditions, ENGIE North America has secured financing through tax
equity commitments of up to 1.6bn USD on the
projects through Bank of America and HSBC. Projects will be funded as they are
commissioned beginning in April 2020.

As part of this transaction, ENGIE North America received
proceeds for two wind farms commissioned in the past week: "East
Fork", a 196 MW wind project in Thomas County,
Kansas and "Jumbo Hill", a 161 MW wind project located in Andrews County, Texas.

The magnitude of the related portfolio (2 GW) and its
successful financing testify that the United States
is a priority market for ENGIE and lies at the core of ENGIE's ambition to
install globally 9 GW of additional renewables capacities between 2019 and 2021
(of which already 3 GW were installed globally in 2019).   

"This is an important step in our zero-carbon
energy transition in the United States, and we
are excited to have the support of our strong partners, Bank of America and
HSBC in this tax equity financing,"
Gwenaelle Avice-Huet, Executive Vice-President of
ENGIE and CEO of ENGIE North America. "The financing enables us to
pursue our commitment to sustainable energy and increase our renewables
footprint in the US with this 2.0 GW under development and construction for

Tax Equity financing is the traditional structure used in the United States to support the development of
renewables projects.