Solar developer Invenergy has partnered with US-based investment platform Lafayette Square to form a joint venture (JV) that will develop and operate PV plants primarily serving low- to moderate-income (LMI) communities and areas disproportionately affected by the clean energy transition.
Called Reactivate, the company will aim to develop 3GW of renewables capacity by 2030, focusing on community and small-scale utility solar, energy storage, building electrification and electric vehicle charging infrastructure.
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Invenergy and Lafayette Square said the JV will leverage their experience in renewables and finance as it looks to make an impact by increasing access to renewables and providing energy cost savings for LMI families and individuals who subscribe to its solar projects to receive credits on their bills.
The company has also set itself a target of saving US$50 million in energy costs for LMI households and facilitating workforce training for 2,500 underserved workers.
“By bringing together capital, technology, experienced solar operators and targeted employee training programmes, we believe we can create a more inclusive and localised renewable energy production model benefitting historically marginalised communities,” said Lafayette Square founder and CEO Damien Dwin, who has previously invested in Invenergy.
Solar projects that provide employment or community-building benefits for low-income areas would be able to profit from new investment tax credit (ITC) benefits proposed in President Joe Biden’s Build Back Better Act, the fate of which is unclear after Senator Joe Manchin said he would not support the package last month.
Invenergy’s expansion in the community and small-scale utility solar sector comes after the developer received a US$3 billion investment from alternative asset manager Blackstone to drive an accelerated build-out of its clean energy platform.
Dwin launched Lafayette Square early last year, with the firm securing US$100 million of financing from Morgan Stanley.