Power

Goldman Sachs partners with SMT Energy to develop green energy projects in NY

Goldman Sachs SMT

The renewable energy wing of Goldman Sachs (GSRP) will partner with SMT Energy for the development of renewable energy projects in the U.S; particularly in New York state.

Firstly, Goldman Sachs will acquire from SMT 55 megawatts of a solar energy farms in the upper state of New York.

Secondly, Goldman Sachs will put these solar farms in operation by 2022. Farms encompass nine separate projects; once operational, they will avoid the emissions of approximately 60,225 tons of carbon dioxide per year.

This would be the equivalent of the annual average consumption of 8,030 homes.

“These projects are primed to deliver strong, non-correlated returns for investors; as well as meaningful benefits for local communities including clean, and also sustainable power; while allowing high-quality jobs and substantial tax revenues,” said John Switzer, co-founder of SMT.

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Goldman Sachs in 800 solar projects across 27 states

“Consequently, I am extremely proud of our team for developing such a strong portfolio of projects in just over one year,” he concluded.

Although details of the companies’ role in the transactions were not detailed, John France, a partner of SMT, stated. “We are thrilled to begin our partnership with the incredible team at GSRP; we also appreciate all of their hard work and collaboration in bringing this transaction to fruition.”

While Ryan Scott, partner of SMT added, “We look forward to working with GSRP and other partners across the clean energy ecosystem; moreover, we continue to grow through the development of projects that benefit all stakeholders.”

As a global financial institution, Goldman Sachs is playing a critical role in expanding renewable energy solutions across America. Through its Investment Banking Division, GSRP are financing clean energy companies and assets.

In fact, they have invested nearly $370 million in renewable power. Since 2015, they launched a $1 billion target for solar and other renewable power in Japan, also. Specifically in the U.S. GSRP is the sponsor of 800 solar projects in 27 states.

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