Jun 02 2022 | 2 min read
New York, June 2, 2022 – Goldman Sachs Asset Management today announced that it has entered into an agreement with Goldman Sachs Renewable Power LLC (“GSRP”), an investment vehicle launched in 2017, to separate from the firm into a new independent company.
The company will be re-named MN8 Energy and will be led by Jon Yoder, who is head of Goldman Sachs Asset Management’s Renewable Power Group, as Chief Executive Officer and David Fernandez, head of management and oversight of GSRP’s projects as Chief Operating Officer. Approximately 100 current employees of Goldman Sachs Asset Management that work on the team managing the investment vehicle are expected to join MN8 Energy.
The transaction was approved by GSRP’s board of directors (the “Board”), currently composed of eight individuals who are independent from Goldman Sachs Asset Management. The Board was advised in the negotiations by Vinson & Elkins LLP who served as legal advisor and Bank of America who served as financial advisor to the Board. The Board unanimously voted in favor and recommends that investors consent to the transaction.
About Goldman Sachs Asset Management Renewable Power
Bringing together traditional and alternative investments, Goldman Sachs Asset Management provides clients around the world with a dedicated partnership and focus on long-term performance. As the primary investing area within Goldman Sachs (NYSE: GS), we deliver investment and advisory services for the world’s leading institutions, financial advisors and individuals, drawing from our deeply connected global network and tailored expert insights, across every region and market—overseeing more than $2 trillion in assets under supervision worldwide as of March 31, 2022. Driven by a passion for our clients’ performance, we seek to build long-term relationships based on conviction, sustainable outcomes, and shared success over time. Goldman Sachs Asset Management invests in the full spectrum of alternatives, including private equity, growth equity, private credit, real estate and infrastructure. Established in 2017, the Renewable Power business within Goldman Sachs Asset Management has sponsored more than 800 solar projects across 27 U.S. states that collectively have a capacity of more than 2.3 gigawatts of clean, renewable power. We take a long-term ownership approach to the operations and management of renewable assets with a leading industry expertise across transaction sourcing, financial analysis, power markets and physical asset analysis and operations. Follow us on LinkedIn.