Goldman Sachs 2013 Annual Report Download - page 19

17Goldman Sachs 2013 Annual Report
As both developed and emerging market economies seek
to create more diversified energy streams, wind power, both
stand-alone and grid-connected, is becoming a more substantial
energy source. In India, ReNew Power, whose mission is
to enable the country to meet ambitious renewable energy
targets, has already become a leader in the fast-growing
renewable energy industry, with close to 400 megawatts of
operating wind capacity. To date, Goldman Sachs and affiliated
funds have invested $320 million to help ReNew Power expand,
and Goldman Sachs has entered into a deal with ReNew to
purchase wind power for our office in Bangalore.
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IN THE SPECTRUM OF
ENERGY SOURCES, WIND
IS MAKING AN IMPORTANT
CONTRIBUTION
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WHEN NRG ENERGY, INC., America’s largest
competitive generation business, completed
the IPO of NRG Yield, it created a first-of-its-
kind business in the U.S. that is focused on
keeping pace with the country’s growing need
for environmentally responsible power. NRG
Yield consists predominantly of renewable
and gas-fired generation capacity that has
been contracted over the long term by its
utility customers. NRG Yield also proved to
be a compelling investment opportunity for
a variety of investors. The key: securities that
offered generally stable, long-term cash flow
with the prospect for growth. Yield Company
structures enable energy businesses such
as NRG to expand the investor base for its
portfolio of assets, creating a cost-of-capital
advantage to economically fund the acquisition
and development of assets that are well-
positioned for the future. Co-led by Goldman
Sachs, the $495 million offering attracted
a wide range of yield-conscious investors.
A portion of the proceeds from the IPO
allows the company to continue investing
in the future of the industry, such as the
250-megawatt California Valley Solar Ranch,
a utility-scale power plant with 10 vast solar
arrays that follow the path of the sun, and
capture up to 25 percent more energy than
traditional systems.
As the industry evolves,
energy companies are
positioning for success with
support from innovative
financing solutions
America’s largest America’s largest
competitive generation business, completed competitive generation business, completed
the IPO of NRG Yield, it created a first-of-its- the IPO of NRG Yield, it created a first-of-its-
keeping pace with the country’s growing need keeping pace with the country’s growing need
for environmentally responsible power. NRG for environmentally responsible power. NRG
a variety of investors. The key: securities that a variety of investors. The key: securities that
offered generally stable, long-term cash flow offered generally stable, long-term cash flow
with the prospect for growth. Yield Company with the prospect for growth. Yield Company
advantage to economically fund the acquisition advantage to economically fund the acquisition
positioned for the future. Co-led by Goldman positioned for the future. Co-led by Goldman
Goldman Sachs team members who supported the
NRG Yield IPO: John Yanchek, Chuck Park, Jeff Pollard,
Georgios Triantafyllou, Olympia McNerney, Matt Gibson,
Shaan Goswami, Investment Banking Division