CleanPath has revealed that its plans to invest US$800 million towards the development of 1,000MW of large-scale solar PV projects in North America over the next five years. The company will manage two revolving facilities in its investment by targeting large-scale solar projects that range in size from 5MW to over 100MW.
“We’ve seen significant progress scaling solar in the last several years, but the lack of capital continues to be one of the primary constraints impeding solar development,” said Matt Cheney, CEO of CleanPath. “We formed CleanPath to assist developers, utilities, builders, businesses, governments and land owners in meeting the capital requirements of their projects, regardless of the scale of the opportunity. Providing liquidity and mitigating development risks for these segments is the sweet spot for CleanPath.”
The solar projects developed over the five-year plan will either be owned and operated directly, with the syndication of tax equity and debt required under a permanent financing solution, or sold to long-term asset owners.
“CleanPath is a market catalyst seeking to make clean energy more abundant and accessible,” added Karin Berardo, CFO of CleanPath. “We partner with other developers, with large-scale power consumers, with electric utilities, infrastructure funds and with policy makers to reduce costs, lower barriers, and get PV systems financed and constructed.”