US renewables developer Arevia Power will accelerate its work on new solar and wind projects in the country after securing an investment from KKR and asset management firm GCM Grosvenor.
Private equity firm KKR said it led a “significant structured investment” in the Los Angeles-based developer, with strategic participation by GCM Grosvenor.
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Founded in 2015, Arevia Power originates, permits and manages renewable energy plants through their lifecycles, and is currently advancing a multi-gigawatt portfolio of early-stage projects across the US.
The company’s founders, Mark Boyadjian and Ricardo Graf, have developed more than 2GW of utility-scale solar, according to KKR.
Arevia previously led the development of the Gemini Solar + Storage project in Nevada, an installation that pairs 690MWac / 966MWdc of solar PV with 380MW / 1,416MWh of battery storage and is due to be completed next year, as reported by sister site Energy-Storage.news.
In tandem with the investment, Arevia has executed a responsible contractor policy for its clean energy portfolio in the US that promotes a highly skilled workforce with a commitment to health and safety on the job, fair wages and benefits, and future workforce development.
Arevia managing partner Mark Boyadjian said the financing gives the company the flexible capital needed and the right partners to expand its solar and wind pipeline throughout the US in a thoughtful way.
“Together, this platform investment and new relationship with two world-class investment firms will supercharge our development of clean energy solutions,” he said.
For KKR, the deal comes after it launched a utility-scale solar and energy storage development platform, Stellar Renewable Power, late last year. The firm has since launched a Southeast Asia-focused renewables platform and acquired French renewables developer Albioma.
