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 massive pipeline of renewable energy and battery storage methods. The funding quantity could also be additional upsized to $650 million upon the completion of sure tasks.
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 property.
CarVal’s funding will speed up Agilitas Energy’s growth, development and operation of greater than 500 MW of distributed and utility-scale energy storage and solar PV tasks. Agilitas Energy will increase nationally by establishing its present challenge pipeline whereas actively buying and creating tasks from throughout the nation.
“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,” says Barrett Bilotta, president of Agilitas Energy. “With our experienced management team, existing project pipeline and organizational expertise combined with the support of CarVal, we’re well positioned to expand nationally and help make a dent in our country’s decarbonization goals. CarVal adds significant value beyond their capital.”
Moving ahead, Agilitas Energy shall be centered on creating tasks that shall be owned by the brand new three way partnership and managed by Agilitas Energy’s asset administration group. Within the primary 90 days, the three way partnership expects to amass eight tasks totaling 45 MW developed by Agilitas Energy, which incorporates two Massachusetts SMART tasks and a stand-alone storage system in Rhode Island (at the moment beneath development), two stand-alone storage methods in Maine which might be beneath growth, and three working solar PV services in Massachusetts and New Hampshire.
“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,” states Jerry Keefe, principal of CarVal Investors. “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.”