CarVal Invests $350 Million in Agilitas to Fund National Renewable Energy Rollout – Solar Industry

Go to Source June 8, 2022

Agilitas Energy, a developer, builder, owner and operator of distributed energy storage and solar photovoltaic (PV) systems in the northeastern U.S., has raised $350 million of equity in a two-tiered investment from funds managed by CarVal Investors L.P.

The investment will fund a national footprint build-out of Agilitas Energy’s large pipeline of renewable energy and battery storage systems. The investment amount may be further upsized to $650 million upon the completion of certain projects.

Funds managed by CarVal have assumed a minority position in Agilitas Energy, and the companies have established a joint venture to own and operate the energy assets.

CarVal’s investment will accelerate Agilitas Energy’s development, construction and operation of more than 500 MW of distributed and utility-scale energy storage and solar PV projects. Agilitas Energy will expand nationally by constructing its existing project pipeline while actively acquiring and developing projects from across the country.

“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 forward, Agilitas Energy will be focused on developing projects that will be owned by the new joint venture and managed by Agilitas Energy’s asset management group. Within the first 90 days, the joint venture expects to acquire eight projects totaling 45 MW developed by Agilitas Energy, which includes two Massachusetts SMART projects and a stand-alone storage system in Rhode Island (currently under construction), two stand-alone storage systems in Maine that are under development, and three operating solar PV facilities 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.”