Goldman Sachs and TELOS form joint venture to develop commercial-scale solar projects
- Mar 10, 2020 10:51 am GMTMar 10, 2020 1:53 pm GMT
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NEW YORK, March 10, 2020 /PRNewswire/ -- TELOS Clean Energy announced today 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 can invest up to $275mm 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. "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," said Chester.
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."
About Goldman Sachs
Founded in 1869, The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm. Goldman Sachs Merchant Banking Division (MBD) is the primary center for the firm's long-term principal investing activity. MBD is one of the leading private capital investors in the world with investments across private equity, infrastructure, private debt, growth equity and real estate.
TELOS is a turnkey clean energy developer within the commercial and industrial sector. Consisting of a team of industry veterans, the company is working with some of the worlds leading brands and focused on deal origination, project acquisition, EPC and on-going operations and maintenance throughout the United States.
SOURCE TELOS Clean Energy