Agilitas Energy, a US-based energy asset developer, has raised $350 million in equity capital to construct a national renewable energy and storage platform. CarVal Investors, a global alternative investment company, managed the two-tiered investment. The funds will be used by Agilitas Energy to accelerate the development, construction, and operation of distributed and utility-scale solar photovoltaic (PV) and energy storage projects in the US. The combined capacity of these projects is more than 500 MW. CarVal’s investment could be increased to $650 million once some of the projects are completed.
As a result of the investment, CarVal’s funds have acquired a minority stake in Agilitas Energy. Both companies have also formed a joint venture (JV) to own and operate the Agilitas-developed energy projects. The JV plans to purchase eight Agilitas Energy-developed projects totaling 45 MW in the next three months. The projects include two standalone storage systems in Maine and three operational solar PV plants in New Hampshire and Massachusetts. In addition, the JV intends to purchase two SMART projects in Massachusetts as well as a standalone storage system in Rhode Island.
Earlier this month, the US waived solar panel tariffs for four southeast Asian countries, including Cambodia, Malaysia, Thailand, and Vietnam, for a period of two years. These countries account for about 80 per cent of total panel imports into the US.
