Agilitas Energy, a developer, builder, owner, and operator of distributed energy storage and solar PV projects in the northeastern U.S., has raised $350 million of equity to expand its portfolio.
The investment comes from funds managed by CarVal Investors L.P. The total amount may be upsized to $650 million upon completion of certain projects, the companies said.
Funds managed by CarVal have assumed a minority position in Agilitas Energy and the companies have established a joint venture to own and operate the energy assets.
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Agilitas currently has a pipeline of more than 500 MW of distributed and utility-scale energy storage and solar PV projects.
Barrett Bilotta, president of Agilitas, said the investment from CarVal positions the company to expand nationally.
Madison ESS is New England’s first fully- integrated front-of-the-meter energy storage facility. It is a 4.99 MW / 10 MWh lithium-ion system that participates in the ISO-NE wholesale energy markets, operating reserve markets, frequency regulation market, and capacity market. It went commercial on May 30, 2019. (Courtesy: Agilitas)Moving forward, Agilitas Energy will be focused on developing projects that will be owned by the new joint venture and managed by Agilitas Energy’s asset management group. Within the first 90 days, the joint venture expects to acquire eight projects totaling 45 MW developed by Agilitas Energy.
Those projects include two Massachusetts SMART projects and a stand-alone storage system in Rhode Island, which are all currently under construction; two stand-alone storage systems in Maine that are under development; and three operating solar PV facilities in Massachusetts and New Hampshire.
Today, CarVal Investors has approximately $14 billion in assets under management in corporate securities, loan portfolios, structured credit and hard assets. CarVal has invested more than $2.5 billion in clean energy investments since 2017.
