Sustainability Report 2021 Climate Transition | Accelerating Innovation Reliance Industries In October 2021, Goldman Sachs acted as an exclusive financial advisor to Reliance Industries on Reliance New Energy Solar’s acquisition of REC Solar Holdings for an enterprise value of $771 million. REC Solar will be a key part of Reliance’s new energy vision to become a global-scale photovoltaic manufacturing player with industry-leading heterojunction cell technology. The acquisition of REC Solar will help equip Reliance with a ready global platform and the opportunity to expand and grow in key green energy markets globally, including in the US, Europe, Australia, and elsewhere in Asia. Capital Markets Innovation: Building a $1 Billion+ Renewables Business in Japan In the wake of the Fukushima nuclear accident, the Japanese government overhauled its energy policy and implemented a new renewables law to stimulate the Japanese renewables sector. To support that initiative, Goldman Sachs adapted the Green Project Bond Structure used in other countries to Japan’s renewable energy sector in 2013. This helped to provide quality debt financing to non-traditional renewables developers — many of whom did not have a long-standing relationship with Japanese banks. We are proud to have supported a significant contribution to renewables deployment in Japan by having arranged an over JPY100 billion bond issuance for 86 renewable power facilities with a cumulative capacity of 338.9 megawatts. Today — more than ten years after the Fukushima accident — Japan has become a world leader in renewables deployment. GridLiance and NextEra Energy Transmission As a company that’s well-positioned to benefit from the substantial expected renewables growth over the coming years, GridLiance’s core business model is to partner with electric cooperatives, public power, and others to plan for the future of the grid — and invest in transmission infrastructure while improving grid reliability. NextEra Energy Transmission develops, finances, constructs, operates, and maintains transmission assets across North America, and it operates through its regional subsidiaries to integrate renewable energy and strengthen the electric grid. Together, these two companies can unlock opportunities for the next generation of energy creation and delivery. Goldman Sachs served as exclusive financial advisor to Blackstone in its sale of GridLiance to NextEra Energy Transmission for $660 million — including the assumption of debt — which furthered NextEra’s goal to create America’s leading competitive transmission company. Sabre Industries When it comes to planning infrastructure that enables the future of the grid, Sabre is focused on providing highly engineered, mission-critical overhead steel poles, towers, battery storage solutions, and related services for electrical utility and telecom end markets. Sabre Industries’ work is key to modernizing and strengthening the US electrical transmission and distribution grid, safely and efficiently interconnecting rapidly growing renewable generation capacity and battery storage facilities, and expanding 4G and 5G wireless telecom infrastructure for enhanced network reliability and connectivity. In 2021, Goldman Sachs provided financing of $1 billion to Blackstone Energy Partners in its acquisition of Sabre Industries, continuing Blackstone’s focus on investing in companies that support the transition to cleaner, more affordable energy. CLIMATE TRANSITION 31 CLIMATE TRANSITION In addition, Goldman Sachs served as sole arranger on Canadian Solar’s JPY8.1 billion ($75 million) green project bond that combines a dual tenor structure with a multi- asset cross-collateralization scheme to finance three solar projects in Japan, with a peak combined generating capacity of 43MW. The bond was awarded the highest “Green 1” rating under the Japanese Green Bond guidelines by the Japan Credit Rating Agency and also won green Project Bond of the Year as part of Environmental Finance’s Bond Awards 2022.