Transaction Overview
On June 8, 2022, Agilitas Energy announced a $350 million equity investment led by funds managed by CarVal Investors. The financing was structured as a two-tiered investment with the potential to be upsized to $650 million upon completion of certain projects.
Deal Structure
CarVal Investors assumed a minority equity position in Agilitas Energy and formed a joint venture (JV) with the company to own and operate energy assets. The entire initial tranche of $350 million was equity capital, with no project-specific debt included in this round. The JV structure serves as the asset-owning entity for projects built under the partnership.
Morgan Lewis acted as legal counsel to CarVal Investors on the transaction.
Use of Proceeds
The capital was earmarked to build a national platform from Agilitas's existing pipeline, targeting more than 500 MW of distributed and utility-scale energy storage and solar PV projects. Initial plans included acquiring eight projects totaling 45 MW across New England and Rhode Island, spanning SMART solar and standalone storage assets.
Strategic Significance
This investment marked a pivotal transition for Agilitas Energy from a Northeast-focused operator to a national storage-and-solar platform. The company positioned the raise as supporting U.S. decarbonization goals, highlighting its end-to-end capabilities from development through operations and its Intelligent Power Dispatch model to optimize storage revenues in day-ahead and real-time markets.
Company Background
Agilitas Energy is a leading developer, builder, owner, and operator of distributed battery storage and solar assets, historically concentrated in the Northeastern U.S. CarVal Investors is a global alternative investment manager active in clean energy, deploying capital from its funds managed for institutional investors including insurance companies, pension funds, and sovereign wealth entities.
Subsequent Developments
Following the 2022 raise, Agilitas used the platform capital to expand beyond the Northeast, including entering the ERCOT market through a six-project storage acquisition. In 2024, the company closed a Nomura-led $100 million debt facility to support more than 250 MW of projects under construction. These moves reflect broader U.S. market momentum for grid-scale and distributed storage as tools for grid reliability, flexibility, and decarbonization, with developers pairing equity platform capital and structured debt to accelerate build-outs.
Transaction Overview
On June 8, 2022, Agilitas Energy announced a $350 million equity investment led by funds managed by CarVal Investors. The financing was structured as a two-tiered investment with the potential to be upsized to $650 million upon completion of certain projects.
Deal Structure
CarVal Investors assumed a minority equity position in Agilitas Energy and formed a joint venture (JV) with the company to own and operate energy assets. The entire initial tranche of $350 million was equity capital, with no project-specific debt included in this round. The JV structure serves as the asset-owning entity for projects built under the partnership.
Morgan Lewis acted as legal counsel to CarVal Investors on the transaction.
Use of Proceeds
The capital was earmarked to build a national platform from Agilitas's existing pipeline, targeting more than 500 MW of distributed and utility-scale energy storage and solar PV projects. Initial plans included acquiring eight projects totaling 45 MW across New England and Rhode Island, spanning SMART solar and standalone storage assets.
Strategic Significance
This investment marked a pivotal transition for Agilitas Energy from a Northeast-focused operator to a national storage-and-solar platform. The company positioned the raise as supporting U.S. decarbonization goals, highlighting its end-to-end capabilities from development through operations and its Intelligent Power Dispatch model to optimize storage revenues in day-ahead and real-time markets.
Company Background
Agilitas Energy is a leading developer, builder, owner, and operator of distributed battery storage and solar assets, historically concentrated in the Northeastern U.S. CarVal Investors is a global alternative investment manager active in clean energy, deploying capital from its funds managed for institutional investors including insurance companies, pension funds, and sovereign wealth entities.
Subsequent Developments
Following the 2022 raise, Agilitas used the platform capital to expand beyond the Northeast, including entering the ERCOT market through a six-project storage acquisition. In 2024, the company closed a Nomura-led $100 million debt facility to support more than 250 MW of projects under construction. These moves reflect broader U.S. market momentum for grid-scale and distributed storage as tools for grid reliability, flexibility, and decarbonization, with developers pairing equity platform capital and structured debt to accelerate build-outs.
Transaction Overview
On June 8, 2022, Agilitas Energy announced a $350 million equity investment led by funds managed by CarVal Investors. The financing was structured as a two-tiered investment with the potential to be upsized to $650 million upon completion of certain projects.
Deal Structure
CarVal Investors assumed a minority equity position in Agilitas Energy and formed a joint venture (JV) with the company to own and operate energy assets. The entire initial tranche of $350 million was equity capital, with no project-specific debt included in this round. The JV structure serves as the asset-owning entity for projects built under the partnership.
Morgan Lewis acted as legal counsel to CarVal Investors on the transaction.
Use of Proceeds
The capital was earmarked to build a national platform from Agilitas's existing pipeline, targeting more than 500 MW of distributed and utility-scale energy storage and solar PV projects. Initial plans included acquiring eight projects totaling 45 MW across New England and Rhode Island, spanning SMART solar and standalone storage assets.
Strategic Significance
This investment marked a pivotal transition for Agilitas Energy from a Northeast-focused operator to a national storage-and-solar platform. The company positioned the raise as supporting U.S. decarbonization goals, highlighting its end-to-end capabilities from development through operations and its Intelligent Power Dispatch model to optimize storage revenues in day-ahead and real-time markets.
Company Background
Agilitas Energy is a leading developer, builder, owner, and operator of distributed battery storage and solar assets, historically concentrated in the Northeastern U.S. CarVal Investors is a global alternative investment manager active in clean energy, deploying capital from its funds managed for institutional investors including insurance companies, pension funds, and sovereign wealth entities.
Subsequent Developments
Following the 2022 raise, Agilitas used the platform capital to expand beyond the Northeast, including entering the ERCOT market through a six-project storage acquisition. In 2024, the company closed a Nomura-led $100 million debt facility to support more than 250 MW of projects under construction. These moves reflect broader U.S. market momentum for grid-scale and distributed storage as tools for grid reliability, flexibility, and decarbonization, with developers pairing equity platform capital and structured debt to accelerate build-outs.
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