Agilitas Energy Raises $350 Million to Expand Renewables & Storage Platform

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Agilitas Energy, which claims to be the largest energy storage and solar PV player in the northeastern USA, has announced that it has raised $350 million of equity in a two-tiered investment from funds managed by CarVal Investors.

The official statement of Agilitas held that the investment amount may be further upsized to $650 million upon the completion of certain projects. Funds managed by CarVal have assumed a minority position in Agilitas Energy and the companies have established a joint venture to own and operate the energy assets.

Agilitas said that CarVal investment will accelerate Agilitas’ development, construction and operation of more than 500 MW of distributed and utility-scale energy storage and solar PV projects. The RE player informed that it will leverage its expertise and experience to expand nationally by constructing its existing project pipeline while actively acquiring and developing projects from across the country.

Barrett Bilotta, President of Agilitas Energy, informed, “With our experienced management team, existing project pipeline and organizational expertise combined with the support of CarVal, we’re well positioned to expand nationally and help make a dent in our country’s decarbonization goals.”

“CarVal adds significant value beyond their capital. They are smart business athletes with real-world energy and business acumen who will be true partners as we execute our growth plan,” added Bilotta. Agilitas also stated that the predictable, low-cost, clean energy that the company provides will aid off-takers, utilities and municipalities in their energy transition.

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Jerry Keefe, Principal, CarVal Investors, held, “We selected Agilitas Energy as our platform investment partner because they have uncommon expertise and a track record in all facets of the business – from development to engineering, through construction and operations. Agilitas Energy is an early leader in solar and energy storage and one of the few companies successfully operating live energy storage systems at scale.”

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According to the statement, the core competencies of Agilitas Energy include project origination, development, project engineering, debt and tax equity financing, engineering procurement and construction (EPC) and asset management – including energy storage revenue optimization. It says that it has developed a proprietary bidding and forecasting model called, Intelligent Power Dispatch, that helps optimize revenue by predicting market conditions in day-ahead and real-time energy markets.

Moving Forward

Agilitas Energy mentioned that it will be focused on developing projects that will be owned by the new joint venture and managed by its asset management group. Within the first 90 days, the joint venture looks to acquire eight projects totaling 45 MW. These projects will include two Massachusetts SMART projects and a stand-alone storage system in Rhode Island, two stand-alone storage systems in Maine and three solar power plants in Massachusetts and New Hampshire.