SMT Energy LLC (SMT) and Goldman Sachs Renewable Power LLC (GSRP) have announced a strategic partnership to develop renewable energy assets in the United States. Initially, GSRP is acquiring 55 megawatts (MW) of community solar facilities located in upstate New York from SMT.
John Switzer, co-founder of SMT, stated, “I am extremely proud of our team for developing such a strong portfolio of projects in just over one year. These projects are primed to deliver strong, non-correlated returns for investors as well as meaningful benefits for local communities including clean, sustainable power, high-quality jobs and substantial tax revenues.”
The upstate NY community solar facilities encompass nine separate projects and will be operational in 2022. Once operational, the community solar facilities will avoid the emission of approximately 60,225 tons of carbon dioxide per year, equivalent to the annual average energy consumption of 8,030 homes.
“This transaction is an exciting development for our company and the communities we operate in,” noted David Spotts, co-founder of SMT. “We look forward to continuing our momentum as we work to develop a wide variety of solar facilities and standalone energy storage systems to the highest industry standards.”
John France, a partner of SMT, stated “We are thrilled to begin our partnership with the incredible team at GSRP, we appreciate all of their hard work and collaboration in bringing this transaction to fruition.” Ryan Scott, partner of SMT added, “We look forward to working with GSRP and other partners across the clean energy ecosystem as we continue to grow through the development of projects that benefit all stakeholders.”