Flickr: Activ Solar
Private equity giant Carlyle Group intends to invest US$100 million in developing, acquiring, financing and operating US solar projects through a new partnership with Missouri-based firm Alchemy Renewables.
The Carlyle Group will invest through its new affiliate, Cardinal Renewables.
Alchemy Renewables will provide asset management services, place tax equity financing and manage operations and maintenance services while Cardinal Renewables will acquire projects.
Alchemy Renewables claims it has been involved in the development, construction and operation of more than 850MW since its founding in 2016. It is a subsidiary of Monarch Private Capital, an Atlanta-based firm that invests in projects that qualify for federal and state tax credits.
Alchemy Renewables' existing portfolio counts 38 projects in eight states, according to a joint press release about the partnership.
The Carlyle Group said that equity capital for the transaction comes from its 'Renewable & Sustainable Energy Fund'.
The news is the latest in a series of pro-solar moves made by major US private equity firms of late. This month, Blackstone invested US$850 million in Altus Power America and BlackRock announced a major overhaul in its investment strategy that would see it expand on “dedicated low-carbon transition-readiness strategies," including renewables.
Mar 09 - Mar 11, 2021
Understand fully the technical and logistical supply chains that determine the production and performance of solar modules, including all related factors impacting quality, reliability & bankability. This event will be run online with streamed content and online networking.
Feb 03 - Feb 04, 2021
The business of solar is changing, as the industry scales up, technology, IT and new players to the market will add complexity. This sparks a host of opportunities such as co-location of solar and storage and the rise of unsubsidised solar projects as well as challenges which will question the very business model of European solar asset owners. Solar Finance & Investment Europe is the meeting place for institutional investors, sovereign wealth funds, solar, wind and storage funds and large energy buyers to do business.