Climate-change solutions investor Hannon Armstrong and power producer ENGIE North America announced today the commissioning of a 50 MW solar farm in Virginia, marking the operational completion of a 2.3-gigawatt (GW) portfolio of wind and utility-scale solar projects.
According to the companies, the 13-project portfolio, which consists of 1.8 GW of onshore wind and 0.5 GW of utility-scale solar photovoltaic (PV) projects, are estimated to be producing enough renewable energy to provide power to the equivalent of over 500,000 homes in the U.S.
ENGIE initiated construction on the projects in late 2019, and the companies announced the partnership in July 2020, with ENGIE will retain a controlling share in the portfolio and continuing to manage the assets, and Hannon Armstrong participating in the cash flows from the operations of the portfolio.
Hannon Armstrong Chief Client Officer Susan Nickey said:
“Achieving the final commissioning of this landmark multi-gigawatt renewable portfolio was only made possible through the incredible collaboration and best-in-class execution of our valued partners at ENGIE. We share a common mission to accelerate the rapid adoption of climate solutions, and we believe this portfolio of projects is a model example of what can and must be done at scale to meet our country’s ambitious decarbonization goals with clean and reliable energy.”
Earlier this year, ENGIE unveiled a major repositioning strategy, including plans for major investments in renewables and energy solutions, along with €9-10 billion of asset disposals. The company aims to annually add 3-4 GW through 2025, and anticipates reaching 80 GW of renewables capacity by 2030, with projects including onshore wind, offshore wind and solar across Europe, North America, and Latin America.
Dave Carroll, Chief Renewables Officer, ENGIE North America, said:
“We are delighted to commission our final project in this complex portfolio. That was an ambitious project and the team delivered– both in ENGIE and Hannon Armstrong. The energy transition requires innovative, large-scale actions like this to accelerate our pace to meet the climate challenges. Our successful delivery of this world-class portfolio of renewable projects demonstrates what can be done when you have the right team and the right partners.”