20 Dec Goldman Sachs Asset Management to Acquire 70 MW Solar Project Portfolio in Maine From Dynamic Energy
11 projects across the state to come online over the next two years; commercial partners include some of the biggest employers in the state of Maine
Wayne, PA (December 14, 2021) – Dynamic Energy Solutions, LLC, a leading full-service commercial and utility-scale solar developer, today announced that it has executed definitive asset sale agreements with the Renewable Power Group of Goldman Sachs Asset Management (“Goldman Sachs”) for approximately 70 MWs of distributed solar generation in the state of Maine.
Comprised of 11 projects located throughout the state, the portfolio includes projects in Corinth, Madison, Norridgewock, Enfield, Exeter, Glenburn, Gray, Guilford, Leeds, and Wales. The portfolio is expected to come online in 2022 and 2023 and will connect to the local electric distribution systems in Central Maine Power and Versant utility territories. These projects were developed under Maine’s net energy bill credit program that provides Maine commercial entities with the ability to derive economic and environmental benefits generated by the projects. Several of Maine’s largest employers have signed offtake agreements with Dynamic and Goldman Sachs.
“Achieving project financing agreements for these projects is an important milestone,” said Bangor, ME, native John Motta, Chief Development Officer of Dynamic Energy Solutions. “Once completed, these projects will generate significant benefits for several of the largest employers in Maine as well as supplemental income streams for landowners throughout the state. We are grateful for each stakeholder who has supported these great projects and are proud to contribute to the State’s important renewable energy goals.”
The Dynamic executives that led the effort are native Mainers who began developing the portfolio in early 2019 in advance of legislation passed under the Janet Mills administration that encourages balanced solar development throughout the state. During the development phase, Dynamic worked primarily with Maine-based companies to provide services and expertise in such areas as permit acquisition, geotechnical and environmental, land title and legal matters, and civil and electrical engineering.
This portfolio represents the first transaction between Goldman Sachs and Dynamic Energy and it will help Maine to achieve the Renewable Portfolio Standard goal of securing 100% of its energy from renewables by 2050.
“We appreciate the work of our development partners at Dynamic Energy, in addition to the many corporate partners that have agreed to become offtakers,” said Zachary Goldstein, vice president in the Renewable Power Group at Goldman Sachs. “Goldman Sachs is proud to invest in Maine’s clean energy strategy and we hope to continue to expand our presence in the State.”
About Dynamic Energy Solutions, LLC
Dynamic Energy is a full-service solar energy provider that brings together the diverse expertise needed to develop, design, finance, build and maintain projects to meet the needs of commercial, industrial, and institutional customers. With an in-house team that includes professional engineers, project managers, development, procurement, and master electricians, Dynamic Energy creates high-quality projects that reduce customer expenses, improve operating efficiency, provide an attractive return on investment, and achieve sustainability goals. For more information, please follow us on LinkedIn or contact email@example.com or 415.595.7481
About Goldman Sachs Asset Management Renewable Power
Bringing together traditional and alternative investments, Goldman Sachs Asset Management provides clients around the world with a dedicated partnership and focus on long-term performance. As the primary investing area within Goldman Sachs (NYSE: GS), we deliver investment and advisory services for the world’s leading institutions, financial advisors and individuals, drawing from our deeply connected global network and tailored expert insights, across every region and market—overseeing more than $2 trillion in assets under supervision worldwide as of Sept. 30, 2021. Driven by a passion for our clients’ performance, we seek to build long-term relationships based on conviction, sustainable outcomes, and shared success over time. Goldman Sachs Asset Management invests in the full spectrum of alternatives, including private equity, growth equity, private credit, real estate and infrastructure. Established in 2017, the Renewable Power Group of Goldman Sachs Asset Management has sponsored more than 800 solar projects across 27 U.S. states that collectively have a capacity of more than 2.3 gigawatts of clean, renewable power. We take a long-term ownership approach to the operations and management of renewable assets with a leading industry expertise across transaction sourcing, financial analysis, power markets and physical asset analysis and operations. Follow us on LinkedIn.