Who is Goldman Sachs?
Goldman Sachs Group, Inc. is a popular and highly successful global financial institution dealing in a wide range of financial services for consumer banking, investment banking, securities and investment management. The firm has a wide range of customers in governments and private entities, as well as individual ones. With its headquarters in New York, Goldman Sachs was founded in 1869. It has offices in major cities across the globe, boasts of over 40,000 employees, and has revenue of $44.56 billion according to 2020 figures.
Partnership with QBI
QBI Solutions helps Goldman Sachs manage a very complex fleet composed of renewable assets of many different sizes and locations. Using our single tool, the firm is able to integrate financial information with all documentation, compliance tasks, and technical performance. The organization now has a single source of truth and all deliverables at the click of the button, thus saving a lot of time and money.
Goldman Sachs’ Need
Goldman Sachs has investment in YieldCos, which are modern publicly traded companies that focus on giving shareholders cashflows that come from renewable energy assets. These assets are usually in form of wind and solar farms.
The company ventured into this investment model for renewable energy in 2019. Its strategy is to buy clean energy projects, sell the electricity, and pay investors dividends from the sales. The company has 1GWp utility scale and distributed generation (DG) under management.
The company is very ambitious about expansion. Although they are still focused on the US, they are looking to go global and even venture into other renewables to add to solar. It plans to reach 10GWp in the coming years in a market with installed capacity growing steadily. The expected growth in the next year is 20%.
The firm has a large number of renewable energy assets spread across the country. These assets are in in various life cycle statuses, from green-field opportunities to operating assets. Naturally, management of such assets is a complex task that needs to be executed in an efficient, reliable, and secured manner in order to yield the returns promised to investors.
Goldman Sachs was looking for a single source of truth to manage their US YieldCo of renewable assets. They found QBI Solutions and the results were beyond expectation.
The Solution offered by QBI
The solution to this problem was simple- Approach a reputable RE portfolio management firm. That’s exactly what Goldman Sachs did. They came to QBI Solutions, inspired by our capability to help businesses make decisions based on reliable business insights. For total control of assets, QBI sought to make the customer data-driven with a single source of truth for all performance data, documentation, financials, companies and people.
QBI is now Goldman Sachs’ end to end business management tool that enables internal and external collaboration as well as data tracking from the field to C-level. The firm is now in control of its renewable energy assets.
Successes of the Intervention
QBI has proven a great partner to Goldman Sachs’ RE business progress and goals, as seen in the wins so far.
Through our Microsoft Azure backend, the customer is enjoying movement of sizeable amount of data amounting to over 900 sites of various sizes. Reports are available instantaneously every 15 minutes. The continuous evolution of this backend enables Goldman Sachs to innovate and deliver a premium level of service that customers appreciate.
Azure has also been instrumental in our customer’s desire to scale fast in a seamless way. Using it for data management and storage, QBI has managed to remove any worries about infrastructure or new data increments, instead giving Goldman Sachs a chance to focus on creativity and new functionality for their customers.
The QBI platform has enabled Goldman Sachs save resources in various ways. For example, we introduced a number of Microsoft services and applications:
- SQL databases as a service
- AppService (web server) + Certificates for WebApp
- Azure Functions, Logic Apps
- Azure Data Factory
- SSRS (SQL Server Reporting Services)
- Power BI, Visual Studio + Azure DevOps
- Virtual Machines
- ADDS (Active Directory Domain Services)
Saving time and money has been possible because the company has additional development capabilities, minimal infrastructure management and same technology tools throughout the platform.
Since adopting our solutions, the company has all its relevant data presented in a customized and secure way using power BI. Reports and Dashboards are available to the different teams in all US locations. This has translated into reduced reporting time, which gives the team more time to analyze.
Security is of utmost importance for a firm of Goldman Sachs’ stature and line of business. Investment banking customers can now rest assured of security of their investments thanks to the Microsoft standards and applications that give the level of confidence needed to operate on a daily basis. Again, QBI’s Azure backend is the secret to this other achievement by the client.
Goldman Sachs is happy and we are even happier for being part of the process.
Stay around for more success stories and latest from the industry.
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