- USD 350 million in equity.
- Funds will aid the development of a 500 MW portfolio of energy storage and solar photovoltaic (PV) projects.
Agilitas Energy, a Massachusetts-based company, has announced that it has secured USD 350 million in equity. This will be directed toward developing a 500 MW portfolio of energy storage and solar photovoltaic (PV) projects across the US.
The equity, according to Agilitas, was raised in a two-tiered investment from funds managed by CarVal Investors LP. Based on this, the funds own a minority stake in Agilitas and have set up a joint venture (JV) with the developer to own and operate the energy assets. According to Agilitas, the amount invested can be raised to USD 650 million based on the completion of some of the projects.
The JV company is expected to purchase eight projects that Agilitas will develop, totalling 45 MW in three months. The bundle includes three solar plants in Massachusetts and New Hampshire, two Massachusetts SMART projects, an under-construction battery in Rhode Island and two storage projects in Maine.
The newly acquired capital will be used for developing, constructing and operating more than 500 MW of distributed and utility-scale storage and solar projects. The schemes will back Agilitas’ expansion that will also see the company “actively” acquire and develop additional projects, it said.