Investment firm acquires 12-project East Coast solar portfolio from Agilitas Energy

Agilitas Energy, a Northeast renewable energy developer and owner-operator, closed on the sale of a 16.8 MWdc solar PV portfolio to CarVal Investors. The portfolio is made up of 12 solar projects varying from landfill, ground-mount and 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 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,” said 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.”

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 proceeds from the sale will help accelerate the development of Agilitas’s newest portfolio, which is comprised of approximately 44 MWdc in solar PV and 34 MW/113 MWh of energy storage under the Value of Distributed Energy Resources and SMART incentive programs in New York and Massachusetts, targeting commercial operations within the next two years. The CarVal transaction will let Agilitas step up its efforts in solar and energy storage development and continue to deliver consistent value to off-takers, landowners, local communities and various stakeholders in the renewable energy eco-system.

“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.”

News item from Agilitas Energy