US solar and storage developer Agilitas Energy has raised US$350 million of equity investment from fund manager CarVal Investors.
Investment could be further raised up to US$650 million upon completion of certain projects and will accelerate the development of more than 500MW of distributed and utility-scale solar PV and energy storage projects in the US.
Funds managed by CarVal have assumed a minority position in the developer and both companies have formed a joint venture (JV) to own and operate theassets, with Agilitas developing them.
In the next three months, the newly formed JV expects to acquire 45MW of capacity split between eight projects in different stages located in the northeast US states of Massachusetts, Rhode Island, Maine and New Hampshire.
Barrett Bilotta, president of Agilitas Energy, said: “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.”