Agilitas Vitality, CarVal Buyers Attain Shut on Solar Portfolio
Agilitas Energy, a Northeast renewable energy developer, owner and operator, has closed on the 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 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 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 34 MW/113 MWh of energy storage under the VDER and SMART 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,” says 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 catapult Agilitas to a new level.”
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.