ENGIE with Hannon Armstrong commissions 2.3 GW US renewable portfolio

Published on: 22 December 2021 12:00 PM
by KnowESG

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ENGIE completes 2.3 GW U.S. renewables portfolio jointly owned with Hannon Armstrong.
ENGIE completes 2.3 GW U.S. renewables portfolio jointly owned with Hannon Armstrong.

A Brief Summary

ENGIE and Hannon Armstrong announced the commissioning of a 50mw solar farm in Virginia. It is estimated to be providing 500,000 homes in the US with power in the days to come. They announced their partnership in June last year. ENGIE controls share in the portfolio while Hannon Armstrong focuses on the cash flows from operations of the portfolio. Read Full Article Below

ENGIE North America Inc. ("ENGIE"), a leader in developing and managing renewable energy projects, and Hannon Armstrong Sustainable Infrastructure Capital, Inc. ("Hannon Armstrong") (NYSE: HASI), a leading investor in climate solutions, announced today that their 2.3-gigawatt (GW) portfolio of wind and the utility-scale solar project has reached operational completion.

ENGIE and Hannon Armstrong have completed a 2.3 GW renewables portfolio in the United States. Thirteen combined wind and solar projects are expected to generate enough renewable energy on the grid to power over 500,000 homes in the United States.

The final renewable project, a 50 MW solar farm in Virginia, was commissioned and transferred into the ENGIE and Hannon Armstrong portfolio partnership previously announced. In total, 13 renewable energy projects are online, with 1.8 GW of onshore wind and 0.5 GW of utility-scale solar photovoltaic (PV) facilities. They are projected to be generating enough renewable energy on the grid to power over 500,000 houses in the United States.

During the construction phase of the nine wind and four solar projects, which lasted from late 2019 until the fall of 2021, more than 3,500 employment, largely in the local area, had supported. ENGIE will not only create a complex portfolio of projects but will also operate them, implying decades of long-term connections with local people. The projects will generate long-term property tax revenue in 15 counties across five states, allowing these primarily rural American towns to support services and growth.

"We are overjoyed to be able to commission the concluding product in this lengthy portfolio." "That was a big project, and the team pulled it off– both at ENGIE and at Hannon Armstrong," said Dave Carroll, ENGIE North America's Chief Renewables Officer. "To solve the climatic issues, we need innovative, large-scale activities like this to hasten the energy transition." Our accomplishment in delivering this world-class portfolio of renewable energy projects exemplifies what can be accomplished when the appropriate team and partners are in place."

ENGIE is concentrating not only on expanding its renewable platform in the United States, but also on lowering the carbon intensity of other businesses such as universities, cities, and transportation. As a result, each of the 13 projects has off-take agreements with customers, ensuring that the renewable energy produced helps to meet pledges to a lower-carbon future.

Hannon Armstrong's innovative portfolio equity partnership exemplifies the need of building large-scale financial ties to assist renewable growth.

"Only through the tremendous teamwork and best-in-class execution of our valued partners at ENGIE was the ultimate commissioning of this milestone multi-gigawatt renewable portfolio possible," said Hannon Armstrong Chief Client Officer Susan Nickey. "We share a common aim to hasten the adoption of climate solutions, and we believe this portfolio of projects is a model example of what can and must be done at scale to accomplish our country's ambitious decarbonization targets with clean and reliable electricity," says the statement.

The scope of ENGIE's and Hannon Armstrong's leaderships have shown what can be accomplished. This 2.3 GW portfolio is part of ENGIE North America's current renewable energy portfolio of more than 3 GW in the United States, with a pipeline of 10 GW of growth projects.