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Goldman Sachs Asset Management invests $1.9B in renewables

Goldman Sachs Asset Management LP completed the financial close of a $1.9 billion commitment to its renewables investment arm Goldman Sachs Renewable Power LLC.

Goldman Sachs Renewable Power expects to amass approximately $4 billion of total capital to invest in renewable energy assets in the U.S., including debt capacity. It intends to sell the electricity output of any generating units it acquires under long-term agreements.

"We have already been successful in deploying over $1.4 billion of capital, primarily into distributed generation solar assets here in the United States," Jon Yoder, managing director and head of the Goldman Sachs Asset Management Renewable Power Group, said in a Sept. 10 press release. "From this foundation, we see an exciting and growing opportunity set, and we are grateful for the support of our clients and their shared vision in this important effort."

Goldman Sachs Renewable Power is a unit of Goldman Sachs Group Inc. One of its prime investors is the University of California system.