Renewable Properties Raises $30 Million to Accelerate Growth
SAN FRANCISCO–(BUSINESS WIRE)– Renewable Properties, a developer and investor of small-scale utility and community solar energy projects throughout the U.S., announces it has successfully raised $30 million from funds managed by CarVal Investors, a global alternative investment fund manager. Funds will be used to further develop Renewable Properties’ existing utility-scale solar project pipeline, expand development efforts into new and existing markets, and secure new project opportunities and acquisitions.
“At the beginning of this year I made the decision to raise more capital and expand our business based on the team I’ve proudly assembled, and CarVal’s experience in renewables made them the ideal capital partner,“ said Aaron Halimi, founder and president of Renewable Properties. “In the short term, with CarVal’s capital commitment, we plan to expand our efforts in the Northeast, in our home state of California, and continue to incorporate energy storage solutions into our projects with a goal of eventually growing our business to the point where we’re completing 100 megawatts of community-scale solar or more per year.”
This investment will enable CarVal Investors to further expand its position as a key player in clean energy investing with over $1 billion in renewable energy investments across the U.S.
“This investment is a testament to the resilience of the solar energy industry and, specifically, the team of professionals at the helm of Renewable Properties,” said Jerry Keefe, principal, CarVal Investors. “We envision this initial investment will propel Renewable Properties toward their long-term goal of completing 100 megawatts of community-scale solar annually.”
Though the COVID pandemic delayed a few project start dates, Renewable Properties is still on track to have a record 2020. With solar energy projects like the recently announced community solar projects with MCE (Soscol Ferry Road, and Silveira Ranch), Marin’s largest community solar project to date, another 16.8 megawatts across six utility-scale solar projects under construction with Duke Energy in North and South Carolina, and a handful of additional projects slated to break ground prior to the end of the year, the firm expects to start construction on 50 megawatts of solar capacity with 30 megawatts of that capacity achieving commercial operation by the end of the year.
About Renewable Properties:
Founded in 2017, Renewable Properties specializes in developing and investing in small-scale utility and community solar energy projects throughout the U.S. Led by experienced renewable energy professionals with development and investment experience, Renewable Properties works closely with communities, developers, landowners, utilities and financial institutions looking to invest in large solar energy systems. For more information about Renewable Properties, visit www.renewprop.com.
About CarVal Investors
CarVal Investors is a global alternative investment fund manager focused on distressed and credit-intensive assets and market inefficiencies. Since 1987, CarVal’s experienced team has navigated through ever-changing credit market cycles, opportunistically investing $123 billion in 5,480 transactions across 82 countries. Today, CarVal Investors has approximately $9 billion in assets under management in corporate securities, loan portfolios, structured credit and hard assets. www.carvalinvestors.com
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