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June 9, 2022

Agilitas raises $350m to develop renewable energy projects

Funds managed by CarVal have assumed a minority position in Agilitas Energy through the investment.

US-based energy asset developer Agilitas Energy has raised $350m in equity funding to build a national renewable energy and storage platform.

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The two-tiered investment came from funds managed by global alternative investment manager CarVal Investors.

Agilitas Energy will use the investment to expedite its development, construction and operation of distributed and utility-scale solar photovoltaic (PV) and energy storage projects in the US.

These projects have a combined capacity of more than 500MW.

Once some of the projects have been completed, CarVal’s investment may be further increased to $650m.

Agilitas Energy president Barrett Bilotta said: “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.

“With our experienced management team, existing project pipeline and organisational expertise, combined with the support of CarVal, we’re well-positioned to expand nationally and help make a dent in our country’s decarbonisation goals.”

Through the investment, the funds managed by CarVal have assumed a minority position in Agilitas Energy.

Both companies have also formed a joint venture (JV) to own and operate the energy projects that Agilitas will develop.

In the next three months, the JV aims to buy eight projects, with 45MW of total capacity, developed by Agilitas Energy.

The projects include two standalone storage systems in Maine and three operational solar PV plants in New Hampshire and Massachusetts.

The JV also plans to buy two SMART projects in Massachusetts, as well as a standalone storage system in Rhode Island.

CarVal Investors principal Jerry Keefe said: 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.

“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.”

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Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
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Enter your details here to receive your free Report.

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