Agilitas Energy, which is a developer and builder of distributed energy storage (PV), and owner and operator of solar photovoltaic systems in the northeastern U.S.A., has raised equity of $350 million in a two-tiered venture from funds managed CarVal Investors L.P. The investment will fund a national footprint build-out of Agilitas Energy’s large pipeline of renewable energy and battery storage systems. Upon completion of certain projects, the investment amount could be increased to $650 million. CarVal funds have taken a minority share in Agilitas Energy. The companies have also formed a joint venture for the ownership and operation of the energy assets.
CarVal’s investment will accelerate Agilitas Energy’s development, construction and operation of more than 500 MW of distributed and utility-scale energy storage and solar PV projects. Agilitas Energy plans to expand nationally by building its existing pipeline of projects and actively acquiring new projects from all over the country.
“To effectively transition our energy systems away from fossil fuels, we need to rapidly increase the number of renewable energy and storage projects that are successfully interconnected to the grid,” says Barrett Bilotta, president of Agilitas Energy. “With our experienced management team, existing project pipeline and organizational expertise combined with the support of CarVal, we’re well positioned to expand nationally and help make a dent in our country’s decarbonization goals. CarVal adds significant value beyond their capital.”
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. The joint venture is expected to acquire eight projects totaling 45 MW within the first 90-days. These include two Massachusetts SMART projects, a stand-alone Rhode Island storage system (currently under construction), and two stand-alone Maine storage systems that are currently under development. There are also three operating solar PV facilities in Massachusetts, New Hampshire, and Massachusetts.
“We selected Agilitas Energy as our platform investment partner because they have uncommon expertise and a track record in all facets of the business – from development to engineering, through construction and operations,” states Jerry Keefe, principal of CarVal Investors. “Agilitas Energy is an early leader in solar and energy storage and one of the few companies successfully operating live energy storage systems at scale.”