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