Investment bank Goldman Sachs has formed a joint venture with Telos Clean Energy to develop, construct, own and operate solar power projects.

The deal between Telos and Goldman Sachs’ alternative energy investing group will see solar farms developed to sell power to commercial, industrial and municipal customers.

Goldman Sachs will invest up to $275m to finance the JV and own assets, combining financing provided by several parties via tax equity, debt, and sponsor investments into a single capital source.

Telos will provide the development and construction expertise necessary to originate, execute and asset manage the portfolio.

Telos chief executive Andrew Chester said: “We are thrilled to be working with the Alternative Energy Investing Group at Goldman Sachs.

“Specialising in development, construction, and asset management, this joint venture will allow us to scale and execute at pace.”

Goldman Sachs’ Vivek Kagzi said: “This joint venture with Telos is an example of our commitment to investments in the distributed solar space and affirms our strategy of providing comprehensive financing solutions to sponsors.

“We have been impressed with the track record of the Telos principals and look forward to working with them to build upon their success.”

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