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Should You Buy Goldman Sachs Stock After Amping Up Solar Portfolio?

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Updated 15 Dec 2021
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  • Goldman Sachs to partner with Dynamic Energy Solutions for 70MWS Maine-based solar project
  • Set over 11 sites, the partnership will benefit large companies and landowners throughout the state
  • The market failed to respond to the partnership this morning, with price remaining at Tuesday’s close.

 

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Multinational investment bank Goldman Sachs (NYSE: GS) has announced today a definitive agreement with solar developer Dynamic Energy Solutions for approximately 70MWs of distributed solar generation throughout the state of Maine. Premarket trading remains stable this morning, with little to no movement in GS stock. In a move to diversify their equity portfolio and cash in on the green shift, Goldman Sachs has given the green light on 11 Maine-based solar projects. 

The project is expected to come to full fruition between 2022 and 2023, with sites connecting to local electric distribution systems via Central Maine Power and Versant utility territories. The move capitalizes on the innovative credit program that allows the states’ commercial entities to reap economic and environmental rewards from the new projects – with numerous large companies already signing offtake agreements with Goldman Sachs and Dynamic. 

Goldman’s investment will not only facilitate the growth of renewable energy, but it is also a pillar in state-based growth, incentivizing employers and landowners alike by offering significant economic benefits and passive income streams. The partnership moves the state of Maine closer to its renewable goals whilst still stirring the embers of internal economic growth. 

Zachary Goldstein, Vice President of the Renewable Power Group at Goldman Sachs, stated:

“We appreciate the work of our development partners at Dynamic Energy, in addition to the many corporate partners that have agreed to become off-takers…Goldman Sachs is proud to invest in Maine’s clean energy strategy and we hope to continue to expand our presence in the State.”

GS stock is up 47.4% over the year, with gains starting to consolidate as variant fears alongside monetary policy leave investors on the cautious side. With no premarket movement from the investment bank, GS is trading at $388.82.

Should you invest in Goldman Sachs shares?

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