Goldman Sachs Renewable Power locks in USD 600m portfolio financing deal as solar footprint expands

Goldman Sachs Renewable Power (GSRP) recently locked up an MUFG-led USD 598m portfolio financing as it continues to expand its solar portfolio, said three sources familiar with the transaction.

The collateral supporting the transaction was 766 MW of distributed generation and utility-scale solar projects spread across 23 states.

The funding was utilized mostly to refinance, but there was a minor portion upstreamed to GSRP in the form of a dividend.

The transaction closed in August.

GSRP and MUFG both declined comment on the situation.

GSRP, a privately held company managed by the Renewable Power Group of Goldman Sachs Asset Management (GSAM), has a model of establishing a platform where it provides financing to developers, and then outright acquiring certain projects when they go operational or are de-risked.

As reported, GSRP teamed up with CS Energy and NYSERDA to start building eight utility-scale solar projects totaling 216 MW in New York State in April. On the community solar front, GSRP also acquired roughly 100 MW of projects in two transactions in New York in which it established a platform with local developers including SMT Energy and RIC Energy.

GSRP has also been active in the solar + storage space where it recently secured USD 515.9m in senior secured debt and a USD 150m equity bridge loan to support its Slate Solar + Storage facility. It also acquired a late stage 123 MW American Kings solar facility from First Solar last year.