Engie to buy 22 net energy metered solar energy projects

Engie to buy 22 net energy metered solar energy projects

Title: ENGIE Acquires Portfolio of Net Energy Metered Solar Projects in Pennsylvania

ENGIE North America, a global leader in the energy transition, has announced the acquisition of a portfolio of 22 net energy metered (NEM) solar energy projects in Pennsylvania. The projects, totaling more than 70 MW, were acquired from Prospect14, a Pennsylvania-based solar energy developer [1].

The acquisition underscores ENGIE's commitment to advancing renewable energy in Pennsylvania, creating jobs, generating local tax revenue, and strengthening distribution grid reliability. Kristen Fornes, Head of Distributed Solar and Storage at ENGIE North America, commented, "We are excited to develop solar energy projects in Pennsylvania. These projects align with our mission to deliver sustainable, locally sourced energy while supporting the Commonwealth's transition to a more resilient and decarbonized energy system" [1].

Brendan Neagle, President of Prospect14, added, "This is great news for Pennsylvania. A well-capitalized energy market leader like ENGIE investing in solar projects in the Commonwealth means more jobs, increased local tax revenue for rural communities, and enhanced reliability for the distribution grid. Prospect14 is proud to play a role in making these benefits a reality in our home state" [1].

The acquisition reinforces the growing demand for distributed solar generation in Pennsylvania and the financeability of NEM solar projects, highlighting the Commonwealth's potential for further renewable energy investment. As Pennsylvania continues to expand its clean energy infrastructure, transactions like this will help drive economic growth and environmental sustainability.

About Prospect14
Founded in 2017 and headquartered in Ardmore, Pennsylvania, Prospect14 focuses on the scaled origination and development of renewable energy in multiple markets in the United States. Since its inception, Prospect14 has originated more than 6.5 GWdc of solar and solar + storage projects. For more information, please visit www.prospect14.com.

About ENGIE North America
Based in Houston, Texas, ENGIE North America Inc. is a regional hub of ENGIE, a major player in the energy transition, whose purpose is to accelerate the transition towards a carbon-neutral economy. With 98,000 employees in 30 countries, the Group covers the entire energy value chain, from production to infrastructures and sales. ENGIE combines complementary activities: renewable electricity and green gas production, flexibility assets (notably batteries), gas and electricity transmission and distribution networks, local energy infrastructures (heating and cooling networks), and the supply of energy to local authorities and businesses. Every year, ENGIE invests more than $10 billion to drive forward the energy transition and achieve its net zero carbon goal by 2045. ENGIE (ENGI) is listed on the Paris and Brussels Stock Exchanges. For more information on ENGIE in North America, please visit our website at www.engie-na.com or our LinkedIn page.

References
[1] https://www.prnewswire.com/news-releases/engie-acquires-portfolio-of-net-energy-metered-distributed-solar-energy-projects-in-pennsylvania-from-prospect14-302511058.html