Premium investment banking company, The Goldman Sachs Group, Inc. (GS), has recently purchased an onshore wind farm in New Mexico for an undisclosed amount. The company bought the Anderson wind farm from the Germany-based agribusiness conglomerate, BayWa AG.
The initiative comes as part of the company’s inorganic growth strategy. A few days back, the company made a $40 million equity investment in Vatika Hotels, the hospitality division of the Delhi-based Vatika Group. By acquiring the wind farm from BayWa AG, Goldman Sachs strengthened its presence in the energy sector.
BayWa AG is a popular agribusiness retailing firm of Munich, Germany. The organization primarily offers its services in the global building materials, agriculture and energy sectors. Late in 2013, the company had purchased the New Mexican Anderson wind farm from Compass Energies.
Post divestiture, BayWa AG will continue to manage the affairs of the farm. As per a 20-year power purchase deal, the power generated from the farm will be sold to the Western Farmers Electric Cooperative. BayWa AG will utilize the funds accrued from the asset sale to seek new profitable acquisition opportunities.
Goldman Sachs is a renowned multinational investment banking firm of America. The company offers quality financial and investment services to different institutional clients across the world.
In the last four trailing quarters, Goldman Sachs generated an average earnings surprise of 25.95%. The company is slated to release its fourth quarter 2014 earnings report on Jan 16.
Goldman Sachs currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the finance sector include FXCM Inc. (FXCM), GAIN Capital Holdings, Inc. (GCAP) and JPMorgan Chase & Co. (JPM). All the three stocks sport a Zacks Rank #1 (Strong Buy).
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