US-based energy asset developer Agilitas Energy has raised $350m in equity funding to build a national renewable energy and storage platform.
The two-tiered investment came from funds managed by global alternative investment manager CarVal Investors.
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By GlobalDataAgilitas Energy will use the investment to expedite its development, construction and operation of distributed and utility-scale solar photovoltaic (PV) and energy storage projects in the US.
These projects have a combined capacity of more than 500MW.
Once some of the projects have been completed, CarVal’s investment may be further increased to $650m.
Agilitas Energy president Barrett Bilotta said: “To effectively transition our energy systems away from fossil fuels, we need to rapidly increase the number of renewable energy and storage projects that are successfully interconnected to the grid.
“With our experienced management team, existing project pipeline and organisational expertise, combined with the support of CarVal, we’re well-positioned to expand nationally and help make a dent in our country’s decarbonisation goals.”
Through the investment, the funds managed by CarVal have assumed a minority position in Agilitas Energy.
Both companies have also formed a joint venture (JV) to own and operate the energy projects that Agilitas will develop.
In the next three months, the JV aims to buy eight projects, with 45MW of total capacity, developed by Agilitas Energy.
The projects include two standalone storage systems in Maine and three operational solar PV plants in New Hampshire and Massachusetts.
The JV also plans to buy two SMART projects in Massachusetts, as well as a standalone storage system in Rhode Island.
CarVal Investors principal Jerry Keefe said: “We selected Agilitas Energy as our platform investment partner because they have uncommon expertise and a track record in all facets of the business – from development to engineering, through construction and operations.
“Agilitas Energy is an early leader in solar and energy storage and one of the few companies successfully operating live energy storage systems at scale.”
