Bank’s renewables arm to initially acquire 55MW of community PV in New York state from SMT Energy [Image: APPA/Unsplash]
Goldman Sachs Renewable Power is partnering with SMT Energy to develop renewable energy projects in the US.
Initially, Goldman Sachs will acquire 55MW of community solar facilities located in upstate New York from SMT.
The nine projects will be operational in 2022 and will deliver power equivalent to the annual average energy consumption of 8030 homes.
SMT co-founder John Switzer said: “I am extremely proud of our team for developing such a strong portfolio of projects in just over one year.
“These projects are primed to deliver strong, non-correlated returns for investors as well as meaningful benefits for local communities including clean, sustainable power, high-quality jobs and substantial tax revenues.”
SMT co-founder David Spotts said: “This transaction is an exciting development for our company and the communities we operate in.
“We look forward to continuing our momentum as we work to develop a wide variety of solar facilities and standalone energy storage systems to the highest industry standards.”
SMT partner John France said: “We are thrilled to begin our partnership with the incredible team at GSRP, we appreciate all of their hard work and collaboration in bringing this transaction to fruition.”