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.
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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.