Agilitas Energy Closes Sale of a 16.8 MW-dc Solar Portfolio to CarVal Investors
Agilitas Energy, a leading Northeast renewable energy developer and owner/operator, announced on November 17, 2020, the closing of its sale of a 12-project solar photovoltaic portfolio across New York, Massachusetts and New Hampshire, to CarVal Investors.
WAKEFIELD, Mass., Dec. 3, 2020 /PRNewswire-PRWeb/ -- Agilitas Energy, a leading Northeast renewable energy developer and owner/operator, announced on November 17, 2020, the closing of its sale of a 16.8 MW-dc solar photovoltaic portfolio to CarVal Investors.
The portfolio is made up of 12 solar projects varying from landfill, ground-mount to rooftop, located in New York, Massachusetts, and New Hampshire. The majority of the projects were developed, engineered, constructed and operated by the Agilitas team within the past four years. The projects are 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 proceeds from the sale will help accelerate the development of Agilitas's newest portfolio, which is comprised of approximately 44 MW-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. The CarVal transaction will enable Agilitas 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," commented Barrett Bilotta, President and Co-founder of Agilitas Energy. "And 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," said 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.
About Agilitas Energy LLC
Agilitas Energy is a leading commercial solar and energy storage developer and owner / operator in the Northeast. The Company is expert in the full cycle of development, construction, and distribution of utility-scale energy projects. The Agilitas team has developed and/or built over 100 MW of solar PV systems since 2014 and is actively developing multiple solar PV and energy storage projects in the Northeast. Agilitas invests in energy projects at various stages, from inception to full entitlement to commercial operation.
More information can be found at http://www.agilitasenergy.com.
About CarVal Investors
CarVal Investors is an established global alternative investment fund manager focused on distressed and credit-intensive assets and market inefficiencies. Since 1987, CarVal has invested $124 billion in 5,495 transactions across 82 countries. CarVal has an established history of energy and power investments and is innovative in structuring partnerships in the renewables industry. For more information, visit http://www.carvalinvestors.com.
Media Contact
Ken Rubin, Agilitas Energy LLC, 7814864006, [email protected]
SOURCE Agilitas Energy LLC
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