Renewable Energy Finance: ENGIE surpasses $3.4bn in Tax Equity Investments since 2020 with latest $1bn deal

published on 01 March 2024

ENGIE North America recently finalized a $1bn tax equity investment pertaining to a 1.3 GW portfolio of recently commissioned solar and wind projects in ERCOT, MISO, and SPP. JP Morgan, Goldman Sachs, and BNP Paribas participated in the agreement. This marks their third such investment since 2020, supporting solar, wind, and storage assets with a combined capacity of 4 GW.

ENGIE’s prior tax equity financings include an $800mn deal in Mar’22, for two wind and one solar asset, totaling 665 MW. The first was secured in Apr’20, when ENGIE secured $1.6bn for a 2 GW wind and solar portfolio in ERCOT, SPP, and PJM. With each financing, ENGIE has partnered with a range of financial institutions, including Bank of America, Wells Fargo, HSBC, and Infrared Capital Partners. 

In the onshore renewables space, ENGIE's tax equity investment activities have surpassed that of its other European peers such as RWE, Enel, EDF, and Orsted. Currently, ENGIE boasts over 7 GW of either operational or under-construction assets across the U.S. and Canada. Additionally, it manages 400 MW of distributed solar and 1.5 GWh of storage. Dedicated to becoming a major player in the US renewables market, it aims for 50 GW by 2025 and 80 GW by 2030 globally.

The above analysis is proprietary to Enerdatics’ energy analytics team, based on the current understanding of the available data. The information is subject to change and should not be taken to constitute professional advice or a recommendation.

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