American multinational investment bank and financial services company- Goldman Sachs has announced a collaborative project with Saratoga Springs, New York based Telos Clean Energy to construct, own, build and operate solar power projects.
In the wake of the recent deal between Telcos and Goldman Sachs solar farms will be developed to sell power to industrial, commercial and municipal customers.
Sources reveal Goldman Sachs will invest up to $275m to finance the JV and own assets. It will also combine finance provided by several parties through debt, tax equity and other sponsor investments, making into a single capital source.
Furthermore, Telos will also be responsible for the expertise of construction and development which will be necessary for proper execution, origination and asset management of the portfolio.
With regards to recent announcement, Telos chief executive Andrew Chester commented: “We are thrilled to be working with the Alternative Energy Investing Group at Goldman Sachs.
“Specialising in development, construction, and asset management, this joint venture will allow us to scale and execute at pace.”
Goldman Sachs’ Vivek Kagzi on the other hand commented: “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.”