Engie North America has partnered with renewables investor Hannon Armstrong to secure US$172 million in funding for a portfolio of distributed solar and solar-plus-storage projects in the US.
The deal will allow for the financing of a portfolio with a total capacity of around 70MW, consisting of community, commercial and industrial, carport and rooftop PV projects, as well as solar-plus-storage installations. The agreement is for projects in states such as Massachusetts, Illinois, Vermont, California, Texas and Arizona.
Hannon Armstrong will provide capital to Engie until 2021 for the assets, leveraging tax equity financing through an arrangement with Morgan Stanley. Engie will retain partial ownership and provide development, construction, operational, asset management and administrative services.
