Agilitas Energy, a developer, builder, proprietor and operator of distributed energy storage and {solar} photovoltaic (PV) methods within the northeastern U.S., has raised $350 million of fairness in a two-tiered funding from funds managed by CarVal Investors L.P.
The funding will fund a nationwide footprint build-out of Agilitas Energy’s giant pipeline of renewable energy and battery storage methods. The funding quantity could also be additional upsized to $650 million upon the completion of sure initiatives.
Funds managed by CarVal have assumed a minority place in Agilitas Energy, and the businesses have established a three way partnership to personal and function the energy belongings.
CarVal’s funding will speed up Agilitas Energy’s growth, building and operation of greater than 500 MW of distributed and utility-scale energy storage and {solar} PV initiatives. Agilitas Energy will increase nationally by establishing its current undertaking pipeline whereas actively buying and growing initiatives from throughout the nation.
“To successfully transition our energy methods away from fossil fuels, we have to quickly improve the variety of renewable energy and storage initiatives which are efficiently interconnected to the grid,” says Barrett Bilotta, president of Agilitas Energy. “With our skilled administration staff, current undertaking pipeline and organizational experience mixed with the help of CarVal, we’re properly positioned to increase nationally and assist make a dent in our nation’s decarbonization objectives. CarVal provides important worth past their capital.”
Transferring ahead, Agilitas Energy shall be targeted on growing initiatives that shall be owned by the brand new three way partnership and managed by Agilitas Energy’s asset administration group. Inside the first 90 days, the three way partnership expects to amass eight initiatives totaling 45 MW developed by Agilitas Energy, which incorporates two Massachusetts SMART initiatives and a stand-alone storage system in Rhode Island (at present underneath building), two stand-alone storage methods in Maine which are underneath growth, and three working {solar} PV services in Massachusetts and New Hampshire.
“We chosen Agilitas Energy as our platform funding associate as a result of they’ve unusual experience and a observe report in all sides of the enterprise – from growth to engineering, by building and operations,” states Jerry Keefe, principal of CarVal Buyers. “Agilitas Energy is an early chief in {solar} and energy storage and one of many few firms efficiently working dwell energy storage methods at scale.”