Thursday, November 26, 2020
Energy News

Hannon Armstrong and ENGIE to Jointly Invest in 2.3 GW Portfolio of U.S. Wind and Solar Projects

On commissioning, the 2.3 GW portfolio will be comprised of 1.8 GW of onshore wind and 0.5 GW of utility-scale solar photovoltaic (PV) projects (13 projects in total) located in five states. Hannon Armstrong will participate in the cash flows from the operations of this diversified portfolio of renewable energy projects, while ENGIE will retain a controlling share in the portfolio and continue to manage the assets.

“We have a common mission to accelerate the rapid adoption of climate change solutions, and we are pleased to partner with ENGIE once again with this new investment that adds significant scale and diversity to our portfolio,” said Hannon Armstrong Chairman and CEO Jeffrey W. Eckel. “Continuing to build a programmatic investment platform allows both firms to make the investment process more aerodynamic and cost-effective for ENGIE’s ultimate customers,” added Eckel.

Highlights

  • The portfolio includes nine onshore wind and four utility-scale solar projects located in five states, representing 2.3 GW of gross generating capacity in aggregate. Under the agreement, Hannon Armstrong will take immediate ownership of 49% of 663 megawatts (MW) from four operating onshore wind projects. The remaining 1.6 GW of projects (five onshore wind and four utility-scale solar PV projects) currently under construction will be transferred into the partnership upon commissioning.
  • Assets are located in geographically diversified wind and solar resource regions and wholesale power markets, including Electric Reliability Council of Texas (ERCOT), Midcontinent Independent System Operator (MISO), PJM Interconnection (PJM), and Southwest Power Pool (SPP).
  • With a weighted average contract life of 13 years, the portfolio’s cash flows are contracted with highly creditworthy off-takers who enjoy a weighted average credit rating of A+, including Amazon, Allianz, Ingersoll Rand, Microsoft,T Mobile, Target, Walmart, and Xcel Energy.
  • Once fully funded, this portfolio is expected to significantly increase and diversify Hannon Armstrong’s balance sheet portfolio and support continued growth in recurring Net Investment Income.
  • With a CarbonCount® score of 2.01 metric tons of carbon dioxide equivalent (CO2e) reduced annually per $1,000 invested, Hannon Armstrong’s equity investment will avoid an estimated 1.1 million metric tons of CO2e in the first year of operations, equivalent to the CO2e emissions from 125,000 U.S. homes’ annual energy use.
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