Goldman Sach to invest $275M in joint venture with TELOS Clean Energy to develop commercial-scale solar projects
TELOS Clean Energy, a turnkey clean energy developer headquartered in Connecticut, announced the closing of a joint venture with Goldman Sachs‘ Alternative Energy Investing Group to develop, construct, own, and operate distributed solar power projects. The solar projects will be expected to sell power to commercial, industrial and municipal customers.
Goldman Sachs will invest up to $275 million to finance the activities of the joint venture and own assets, combining financing provided by several parties via tax equity, debt, and sponsor investments into a single capital source. TELOS Clean Energy will provide the development and construction expertise necessary to originate, execute and asset manage the portfolio.
The joint venture brings on former partners of Greenskies Renewable Energy, including TELOS’ CEO Andrew Chester and head of business development, Michael Daly.
TELOS’ CEO Andrew Chester said:
“We are thrilled to be working with the Alternative Energy Investing Group at Goldman Sachs. Specializing in development, construction, and asset management, this joint venture will allow us to scale and execute at pace.”
Vivek Kagzi, of Goldman Sachs’ Alternative Energy Investing Group, said:
“This joint venture with Telos is an example of our commitment to investments in the distributed solar space and affirms our strategy of providing comprehensive financing solutions to sponsors. We have been impressed with the track record of the Telos principals and look forward to working with them to build upon their success.”
Source: Press Release by TELOS Clean Energy.
