SMT Energy Announces Partnership with Goldman Sachs Renewable Power and Sale of 55 MW of Community Solar Projects

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Feb 25, 2021, 12:06 ET

NEW YORK, Feb. 25, 2021 /PRNewswire/ -- SMT Energy LLC (SMT) and Goldman Sachs Renewable Power LLC (GSRP) have announced a strategic partnership to develop renewable energy assets in the United States. Initially, GSRP is acquiring 55 megawatts (MW) of community solar facilities located in upstate New York from SMT.

John Switzer, co-founder of SMT, stated, "I am extremely proud of our team for developing such a strong portfolio of projects in just over one year. These projects are primed to deliver strong, non-correlated returns for investors as well as meaningful benefits for local communities including clean, sustainable power, high-quality jobs and substantial tax revenues."

The upstate NY community solar facilities encompass nine separate projects and will be operational in 2022. Once operational, the community solar facilities will avoid the emission of approximately 60,225 tons of carbon dioxide per year, equivalent to the annual average energy consumption of 8,030 homes.

"This transaction is an exciting development for our company and the communities we operate in," noted David Spotts, co-founder of SMT. "We look forward to continuing our momentum as we work to develop a wide variety of solar facilities and standalone energy storage systems to the highest industry standards."

John France, a partner of SMT, stated "We are thrilled to begin our partnership with the incredible team at GSRP, we appreciate all of their hard work and collaboration in bringing this transaction to fruition." Ryan Scott, partner of SMT added, "We look forward to working with GSRP and other partners across the clean energy ecosystem as we continue to grow through the development of projects that benefit all stakeholders."

About SMT Energy LLC
SMT Energy LLC is a leading renewable energy developer focused on community solar and standalone energy storage facilities throughout the United States. The company's renewable energy solutions deliver economically attractive alternatives to fossil-fuel electricity generation. For more information about SMT Energy, please visit www.smtenergy.com.

About Goldman Sachs Renewable Power LLC
Goldman Sachs Renewable Power LLC is a privately held company managed by the Renewable Power Group of Goldman Sachs Asset Management (GSAM). GSRP is the sponsor of more than 800 solar projects across 27 U.S. states that collectively have a capacity of more than 2.3 gigawatts of clean, renewable power. GSAM's 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 Renewable Power Group is part of GSAM, one of the world's leading asset managers with approximately $2.0 trillion in assets under supervision globally as of December 31, 2020

SOURCE SMT Energy