Goldman Sachs buys solar power portfolio for $350m

Goldman Sachs has stepped up its interests in renewable energy with a significant asset purchase. The investment bank has bought a total of 76 solar projects from South Jersey Industries (SJI) worth $350 million, through its Goldman Sachs Asset Management (GSAM) arm. The projects have a combined capacity of 204 megawatts and are dotted around 143 sites across New Jersey, Maryland, Massachusetts, and Vermont. SJI states the distributed solar energy provides power to schools, hospitals and industrial facilities. Michael J. Renna, President and CEO, SJI said: “we are pleased to partner with GSAM in transitioning these high-quality assets to new ownership.” The deal is expected to close by the end of the year with $63 million of the purchase price coming forward by next week.