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GSAM Announces Close of Goldman Sachs Renewable Power LLC

MN8 Energy, Inc.  |  Sep 10 2019  |  3 min read

NEW YORK–(BUSINESS WIRE)–Goldman Sachs Asset Management (“GSAM”) announced today that it has completed the final close on capital commitments to Goldman Sachs Renewable Power LLC (“Goldman Sachs Renewable Power” or the “Company”), a private company that invests in renewable energy assets. The Company received approximately $1.9 billion of equity capital commitments and expects to have approximately $4 billion of total capital to invest, including debt capacity.

“Sustainability is an integral part of our investment decision-making at UC Investments

“A broad and growing range of corporations as well as governmental and educational institutions are engaging in the effort to address climate change by committing to obtain the energy they need from renewable sources. We believe Goldman Sachs can play an important role in the transition to renewable energy by partnering with clients to own and manage renewable energy projects that deliver clean energy,” said Jon Yoder, Managing Director and Head of the GSAM Renewable Power Group. “We have already been successful in deploying over $1.4 billion of capital, primarily into distributed generation solar assets here in the United States. From this foundation, we see an exciting and growing opportunity set, and we are grateful for the support of our clients and their shared vision in this important effort.”

Goldman Sachs Renewable Power is a private company managed by GSAM that owns and manages renewable power assets, primarily in the United States. The Company seeks to deliver attractive risk-adjusted returns by selling the power produced by these assets under long-term agreements to a diversified set of high credit quality institutions. The Company is one of the largest owners and operators of distributed generation solar assets in the United States.

The Company’s investor base includes institutions, family offices, and high net worth individuals, with lead commitments from the University of California Regents, Goldman Sachs and its employees. “Sustainability is an integral part of our investment decision-making at UC Investments,” said Chief Investment Officer Jagdeep Singh Bachher. “We identified Goldman Sachs Renewable Power and its early focus on distributed generation solar as an attractive fit for our portfolio, given its stable cash flow profile that we believe is less correlated to other financial asset classes. We are proud to partner with the GSAM Renewable Power Group to pursue this strategy.”

About GSAM Renewable Power Group

The Goldman Sachs Asset Management (GSAM) Renewable Power Group is comprised of investment professionals with leading industry expertise across transaction sourcing, financial analysis, power markets and physical asset analysis and operations. The team takes a long-term ownership approach to the operations and management of renewable assets and benefits from Goldman Sachs’ extensive network of relationships, leading institutional infrastructure and in-house industry knowledge and experience. The group is part of GSAM, one of the world’s leading asset managers with more than $1 trillion in assets under supervision globally as of June 30, 2019.

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Source: MN8 Energy, Inc.

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