Finance, Solar - April 29, 2021
Goldman Sachs Finances First Utility-Scale Solar Farms in Upstate New York
Goldman Sachs Renewable Power Group (GSRP), managed by Goldman Sachs, has agreed to fund 216 megawatts-dc (MWdc) of new solar installations in New York. Construction has begun on these eight utility-scale solar projects, each of which will generate 27 MWdc. The sites are spread across the Capital Region, the Mohawk Valley, and the Southern Tier. They will create over 500 construction jobs and will go online by the end of 2021.
GSRP partnered with CS Energy, National Grid, and the New York State Energy Research and Development Authority (NYSERDA) on these projects. The new solar sites will bring the state of New York closer to the target in its 2019 Climate Leadership and Community Protection Act: 70 percent renewable electricity use by 2030.
"CS Energy is proud to continue to support New York as it achieves its ambitious clean energy goals," said Eric Millard, Chief Commercial Officer of CS Energy, in a statement. "Furthermore, we're pleased to have partnered with the fantastic teams at Goldman Sachs Renewable Power, NYSERDA, and National Grid."
"The GSAM Renewable Power Group is excited that The State of New York has demonstrated such decisive leadership with the Clean Energy Standard, which is critical for renewable energy project development and capital formation in New York," added Michael Conti, Vice President of Goldman Sach Asset Management (GSAM) Renewable Power Group, . "We are happy to support the state's initiative and work with CS Energy, a company that shares our focus on delivering exceptional quality to its customers while helping to realize a low-carbon future for the people of New York."
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