Agilitas Power, CarVal Traders Attain Shut on Solar Portfolio
Agilitas Energy, a renewable energy developer, owner and operator in the northeast, has completed the sale of a 16.8 MW DC solar photovoltaic portfolio to CarVal Investors.
The portfolio consists of 12 solar projects ranging from landfills to ground mounting to roofs in New York, Massachusetts and New Hampshire. The majority of the projects have been developed, designed, built and operated by the Agilitas team over the past four years. All projects have had power purchase agreements or net metering loan agreements with high borrowers such as municipalities, utilities and universities for at least 20 years. The sale demonstrates the ability of Agilitas across the 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’ newest portfolio, which consists of approximately 44 MW DC in solar PV and 34 MW / 113 MWh energy storage under the VDER and SMART incentive programs in New York and Massachusetts commercial purpose is aimed at operations within the next two years. The CarVal transaction will allow Agilitas to intensify its efforts in the development of solar and energy storage and continue to create and deliver consistent value to consumers, landowners, local communities and various actors in the renewable energy ecosystem.
“The sale of these assets is strategic for Agilitas Energy,” said Barrett Bilotta, co-founder and president 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 take Agilitas to the next level.”
Fifth Third Bank is acting as financial advisor and Sherin & Lodgen is acting as legal advisor to Agilitas Energy. Mehall Law acted as supporting attorney for this transaction. Foley & Lardner is legal advisor to CarVal Investors.