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.
Sungrow links Europe's largest energy storage plant to grid
Europe's largest energy storage project, the 100MW/100MWh Minety plant featuring Sungrow's 1500V energy storage system solutions, has been successfully connected to the UK grid.
The UK experienced the most debilitating blackout in nearly a decade in August 2019. The incident exposed the serious lack of frequency regulation of the national grid and demonstrated that the construction of energy storage projects that can regulate the frequency of the grid in a timely fashion should be prioritised. The Minety project, which began at the end of 2019, considerably mitigates the problem and is designed for facilitating grid stability and maximising renewable energy utilisation.
Sungrow supplied both NCM and LFP battery energy storage system solutions featuring high integration, which minimise the footprint, slash the commissioning duration and significantly reduce the system cost by 5%. The solution well meets the latest UK frequency regulation requirement called dynamic containment - requesting the plant to respond to the power instruction of the grid within 1 second, making the project one of the rare 30% of the UK's storage plants equipped with this function.
"We are proud of being part of this landmark project, offering solutions with extreme efficiency and safety while in compliance with the stringent UK grid codes," said James Wu, Vice President of Sungrow, which shipped more than 800MWh of energy storage systems in 2020.
Battery storage capacity in the UK is likely to heavily increase as move towards operating a zero-carbon energy system. At the end of 2019 the GB battery storage capacity was 0.88GWh. National Grid forecasts it could be as high as 2.30GWh in 2025.
Global energy storage updates
TEVOCS has announced the launch of a powerful series of universal portable power stations that provide reliable power for off-grid situations, travel, home backup and more. With an impressive 2080WH capacity and 2000W output, the TEVOCS power station is billed as 'the ultimate power station for modern life' and is available here.
Enlight Renewable Energy has completed the acquisition of 90.1% of the holdings in Clēnera LLC, a leading and seasoned company in the field of initiation, development, construction and operation of solar energy and energy storage projects in the United States.
Last month Canadian Solar Inc. was awarded the first utility-scale battery storage project in Colombia of 45 MW/45 MWh. The project was awarded in the public tender launched by Colombia's Ministry of Energy and Mines, via its affiliate UPME, the Mining and Energy Planning Unit.