Goldman Sachs Renewable Power LLC Announces Closing of Private Offering of $500 Million of Senior Secured Notes (Certified “Green Bonds”)

Goldman Sachs Renewable Power LLC (“Goldman Sachs Renewable Power”, “GSRP” or the “Company”), a private company managed by Goldman Sachs Asset Management (GSAM), announced today that a wholly-owned subsidiary of GSRP (the “Issuer”) has priced and closed a private placement offering (the “Offering”) of $500 million aggregate principal amount of Senior Secured Notes due 2044 (the “Notes”). The Notes bear interest at a fixed rate of 3.77% per year, payable semiannually, and mature on December 31, 2044, unless redeemed in accordance with their terms prior to such date. The Notes are secured by a first-priority senior secured lien on the Issuer and its assets, which includes a diversified distributed generation portfolio of solar projects.

The Company intends to primarily use the net proceeds of this Offering to, among other things, repay debt under its subscription facility and certain project debt.

The Notes are green bonds certified under the Climate Bonds Standard.

“We appreciate the strong market support for this offering,” said Jon Yoder, Managing Director and Head of the GSAM Renewable Power Group. “The offering provides us with additional capital as we seek to continue to invest in renewable energy projects that address the desire of a growing number of corporations, governmental and educational institutions to obtain power from clean energy sources.”

Goldman Sachs Renewable Power is a private company managed by GSAM that owns and manages renewable power assets, primarily in the United States. The Company seeks to deliver attractive risk-adjusted returns by selling the power produced by these assets under long-term agreements to a diversified set of high credit quality institutions. The Company is one of the largest owners and operators of distributed generation solar assets in the United States.

Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc. and MUFG Securities America Inc. served as joint placement agents for the Offering. Citigroup served as manager for the Offering. HSBC Securities (USA) Inc. served as Green Structuring Advisor.

About GSAM Renewable Power Group

The Goldman Sachs Asset Management (GSAM) Renewable Power Group is comprised of investment professionals with leading industry expertise across transaction sourcing, financial analysis, power markets and physical asset analysis and operations. The team takes a long-term ownership approach to the operations and management of renewable assets and benefits from Goldman Sachs’ extensive network of relationships, leading institutional infrastructure and in-house industry knowledge and experience. The GSAM Renewable Power Group manages equity capital of approximately $1.9 billion, and expects to deploy approximately $4 billion of total capital, including debt capacity. It currently has 1.3 gigawatts of capacity under management. The group is part of GSAM, one of the world’s leading asset managers with approximately $1.7 trillion in assets under supervision globally as of December 31, 2019.

This press release is for informational purposes only and is not an offer to buy, or the solicitation of an offer to sell, the Notes, nor shall there be any sale of the Notes in any jurisdiction or under any circumstances in which such offers, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

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