Agilitas Energy closes sale of US solar projects to CarVal
Agilitas Energy, a leading Northeast renewable energy developer and owner/operator, recently closed its sale of a 16.8MW-dc solar PV portfolio to CarVal Investors.
According to a statement, the portfolio comprises 12 solar projects varying from landfill, ground-mount to rooftop in New York, Massachusetts and New Hampshire. The majority of these projects were developed, engineered, constructed and operated by the Agilitas team in the past four years.
The projects all have power purchase agreements or net metering credit agreements for at least 20 years, with high credit off-takers such as municipalities, utility companies and universities.
"The sale demonstrates Agilitas’s exceptional capability across the entire value chain to create high-quality solar projects with sustainable long-term returns in various markets," the statement says.
CarVal Investors is an established global alternative investment fund manager. Since 1987, the company has invested £92 million in 5,495 transactions across 82 countries.
Agilitas says that the proceeds from the sale will help accelerate the development of its newest portfolio, which is comprised of approximately 44MW-dc in solar PV and 34MW/113MWh of energy storage under the VDER and SMART programs incentive programs in New York and Massachusetts, targeting commercial operations within the next two years.
It adds that the CarVal transaction will enable it to step up its efforts in solar and energy storage development and continue to create and deliver consistent value to off-takers, landowners, local communities and various stakeholders in the renewable energy eco-system.
“The sale of these assets is strategically significant for Agilitas Energy. It represents further validation by one of the most well recognized institutional buyers of our capabilities to build quality projects,” says Barrett Bilotta, President and Co-founder of Agilitas Energy.
“We will reinvest the proceeds from the sale in a new generation of utility scale solar and energy storage projects in Massachusetts and New York that will catapult Agilitas to a new level.”
“CarVal Investors is pleased to partner with Agilitas Energy on this innovative project,” adds Jerry Keefe, principal, CarVal Investors. “We are especially excited about the high quality of the assets in this portfolio and the long-term agreements they have in place.”
Fifth Third Bank is serving as the financial advisor and Sherin & Lodgen is serving as legal counsel to Agilitas Energy. Mehall Law acted as supporting counsel for this transaction. Foley & Lardner is serving as legal counsel to CarVal Investors, the statement adds.