Both the Hannon Armstrong company and ENGIE North America company have completed a 2.3-gigawatt (GW) wind and solar power project. A 50-megawatt (MW) solar farm situated in Virginia is the culmination of the corporations’ cooperative renewable energy efforts. There is 1.8 GW of the onshore wind as well as 0.5 GW of the utility-scale solar photovoltaic power capacity in the whole project, which comprises 13 wind and solar plants. From late 2019 to the fall of 2021, the projects were under construction. The projects were developed by ENGIE and will be operated by them in the future.
The equity agreement with Hannon Armstrong, according to ENGIE, demonstrates the potential for major financial relationships to aid in the development of renewable energy growth. “Only through the extraordinary teamwork and best-in-class implementation of our valued partners at ENGIE was the ultimate commissioning of this milestone multi-gigawatt renewable portfolio possible,” said Susan Nickey, Chief Client Officer of Hannon Armstrong. “We share a common aim to accelerate the uptake of climate alternatives, and we believe this collection of ventures is a leading example of what must now be done at scale to accomplish our country’s ambitious decarbonization targets with clean and reliable electricity.”
In the United States, wind and solar energy initiatives are spearheading the renewable energy shift. As per the Energy Information Administration, renewable energy use reached an all-time high in the very first half of the year 2021, with wind power accounting for about 30% of total use. According to some projections, solar will account for half of the country’s electricity supply by the year 2050, as the US shifts its policy toward sustainable energy.
The 2.3 GW facility is a portion of the ENGIE North America’s US renewable energy portfolio of over 3 GW, with a pipeline of about 10 GW of expansion projects, according to the company. The project is part of ENGIE’s aim to cut carbon emissions in industries, towns, and transportation, according to the company. Recently, the business assisted a California school district in developing a strategy for converting its bus network from diesel to electric vehicles.
In the United States and Canada, ENGIE North America Inc. provides a variety of products to assist clients to decarbonize, decentralize, and digitalize their operations. Comprehensive services to assist clients to run their premises more efficiently and maximize energy and other resource consumption and expense; green power generation; power storage; and retail energy supply, which includes demand response, renewable, and on-bill financing alternatives, are among them. The company’s electricity generation portfolio is nearly all low-carbon or renewable.
Hannon Armstrong is the first publicly traded business in the United States committed completely to climate solutions, investing in top companies in energy efficiency, clean energy, as well as other sustainable infrastructure areas. Hannon Armstrong’s fundamental objective is to produce climate-positive investments with better risk-adjusted returns, with over $8 billion in the managed assets.