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DNV GL provides support as technical expert for ENGIE North America’s record-setting Tax Equity deal

ENGIE North America’s 2 GW portfolio includes 1,500 MW of onshore wind and 500 MW of solar assets. DNV GL’s team of technical consultants assessed key portfolio characteristics including civil and electrical designs, construction and operational contracts, among other services. Project was delivered under rapidly adapting COVID-19-related travel restrictions to fulfil monitoring and independent engineering services to financing parties.

OAKLAND, U.S – 20th May 2020 – DNV GL, the leading independent engineer for renewable energy projects, recently concluded work on a tax equity transaction involving a portfolio of wind and solar projects owned by affiliates of ENGIE North America, which represents one of the largest tax equity financing transactions ever consummated in the U.S. market. The portfolio totals 2.0 GW of new renewable energy generation capacity, including 1.5 GW of onshore wind and 0.5 GW of utility-scale solar PV projects. The transaction included tax equity commitments of approximately $1.6bn USD on the projects. 

DNV GL served as the independent engineer for the transaction and provided the required assurance that each of the projects satisfied certain expected operating criteria.

Drawing on its renewable energy specialists in North America, DNV GL assessed key portfolio characteristics including civil and electrical designs, construction and operational contracts, diverse wind turbine and PV module technologies, environmental and permitting compliance, solar energy production estimates, and financial projections.

DNV GL also monitored the quality of construction for the initial portfolio projects, including rapidly adapting to COVID-19-related travel restrictions to fulfil monitoring responsibilities and deliver high-quality independent engineering services to the financing parties.

Given the size of the transaction and the number of projects involved, DNV GL’s large team of subject matter experts was key in effectively handling the technical diversity and size of the portfolio, resulting in a successful closing of the transaction.

"The Tax Equity financing is a vital step in our zero-carbon energy transition in the United States, and we are proud of the achievement," explained Gwenaelle Avice-Huet, Executive Vice-President of ENGIE and CEO of ENGIE North America. "We are grateful to DNV GL for the help in completing this financing so that we can continue to advance our mission of sustainable energy in North America.

“The complexity and size of this deal required a high level of collaboration between DNV GL experts and ENGIE, and I’m delighted with the outcome,” said Richard S. Barnes, DNV GL - Energy regional president for North America. “Moving the energy transition forward will require large-scale commitment and supporting the completion of such a transaction is another step toward a cleaner future.”

About DNV GL

DNV GL is a global quality assurance and risk management company. Driven by its purpose of safeguarding life, property and the environment, the company enables customers to advance the safety and sustainability of their business. DNV GL provides classification, technical assurance, software and independent expert advisory services to the maritime, oil & gas, power and renewables industries. The company also provides certification, supply chain and data management services to customers across a wide range of industries. Operating in more than 100 countries, DNV GL experts are dedicated to helping customers make the world safer, smarter and greener.

DNV GL delivers world-renowned testing, certification and advisory services to the energy value chain including renewables and energy management. The company’s expertise spans onshore and offshore wind power, solar, conventional generation, transmission and distribution, smart grids, and sustainable energy use, as well as energy markets and regulations. Its experts support customers around the globe in delivering a safe, reliable, efficient, and sustainable energy supply.

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