RIC Energy and Goldman Sachs Renewable Power (GSRP) will partner up for the development of a renewable energy portfolio in the state of New York. Under the partnership, GSRP will acquire form RIC 47 megawatts of a community solar complex located upstate.
Firstly, the acquisition involves nine facilities located throughout National Grid and NYSEG service areas. They will generate bill credits for customers of the utilities to buy. This will allow for almost 10,000 households to support clean local energy production.
Secondly, as we reported previously, this is no the first project of renewable energy in New York in which Goldman Sachs is involved. In late February, SMT Energy announced a very similar partnership with GSRP.
That partnership involved also the acquisition of 55 MW of solar assets in the upper state of NY. Those farms encompass nine separate projects; once operational, they would avoid the emissions of approximately 60,225 tons of carbon dioxide per year.
In fact, GSRP is the sponsor of more than 800 solar projects across the U.S. It has presence in 27 states that all together have the capacity of more than 2.3 gigawatts of clean, renewable power.
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Goldman Sachs Asset Management with $2 trillion in assets
Moreover, GSRP is a privately company part of Goldman Sachs Asset Management, or GSAM, which “is comprised of investment professionals with leading industry expertise across transaction sourcing, financial analysis, power markets and physical asset analysis and operations.” The statement reads.
These both companies take a long-term ownership approach to operations and management of renewable assets. They benefit “Goldman Sachs’ extensive network of relationships, leading institutional infrastructure and in-house industry knowledge and experience.”
Indeed, both companies have an approximate of $2 trillion in assets under supervision around the world, as of December 31, 2020. These new acquisitions will therefore grow their asset portfolio in the U.S.
Finally, Ivaylo Tomchev, Director of Project Development at RIC, said. “A tremendous amount of effort has gone into these projects; working also with municipalities to ensure that we are maximizing the ecological and economic benefit to the host communities; while minimizing the impact.”