Agilitas Energy, a developer, builder, owner, and operator of distributed energy storage and solar PV systems, raised $350 million in equity funding from funds managed by CarVal Investors.
The investment accelerates the company’s development, construction, and operation of more than 500 MW of distributed and utility-scale energy storage and solar PV projects. The funding may be upsized to $650 million depending on the completion of specific projects.
The interest from investors in the battery storage sector is at an all-time high, with almost $19.5 billion raised last year and $12.9 billion raised in the previous quarter, according to Mercom’s recent funding and M&A report on Battery Storage, Smart Grid, and Efficiency.
“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,” said Barrett Bilotta, President of Agilitas Energy.
According to the company, its focus will be on developing projects 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, including
- Two Massachusetts SMART projects and a stand-alone storage system in Rhode Island are all currently under construction
- Two stand-alone storage systems in Maine are under development
- Three operating solar PV facilities in Massachusetts and New Hampshire
In May 2022, Energy storage developer EnerSmart Storage secured a $78.2 million loan from the North American Development Bank, Siemens Financial Services, to finance (the design, construction, and operation of) a portfolio of utility-scale energy storage projects of 165 MW.
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.