Renewable Properties has 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. 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.”Aaron Halimi, founder and president of Renewable Properties.
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. We envision this initial investment will propel Renewable Properties toward their long-term goal of completing 100 megawatts of community-scale solar annually.”Jerry Keefe, principal, CarVal Investors.