Agilitas Energy, the largest integrated developer, builder, owner, and operator of distributed energy storage and solar photovoltaic (PV) systems in the northeastern U.S., announced the closing of $100 million in debt financing to fund its growth and continued national expansion.
This funding is a strategic milestone for the company. It will accelerate Agilitas Energy’s build-out of solar and energy storage projects construction, totaling more than 250 megawatts (MW) over the next three years. The company is developing and constructing more than one gigawatt (GW) of renewable energy and energy storage projects throughout the United States and quickly expanding its footprint nationally through greenfield origination, acquisition, and strategic partnerships with high-quality developers.
The company will use the funding round to construct its existing project pipeline while continuing to actively acquire and develop solar, standalone storage, and hybrid projects across the country. Once built, Agilitas Energy and AB CarVal’s joint venture will own and operate the energy assets. And AB CarVal, an established global alternative investment manager, remains a strategic investor in Agilitas Energy.
Agilitas Energy’s core competencies include project origination, development, project engineering, debt/tax equity financing, engineering procurement and construction (EPC) and asset management, including energy storage revenue optimization. And the company has developed a proprietary bidding and forecasting model Intelligent Power Dispatch that helps optimize revenue by predicting market conditions in day-ahead and real-time energy markets.
Nomura Securities International acted as sole bookrunner, lead arranger, and Nomura Corporate Funding Americas acted as administrative agent on the deal, which could be further upsized to $200 million upon the completion of certain projects.
KEY QUOTES:
“This debt financing and the beginning of our relationship with Nomura represents far more than the capital necessary for us to develop, build and operate the solar, storage and hybrid projects that Agilitas Energy has always excelled at. It signifies recognition and trust from a major multinational financial institution that Agilitas Energy offers unparalleled value through our integrated approach and will help us accelerate our growth trajectory across multiple asset classes and geographies.”
- Michael Slattery, Chief Financial Officer, Agilitas Energy
“Nomura is extremely pleased to leverage our financial and intellectual capital to partner with Agilitas as it expands its geographic footprint and business. Creating and executing bespoke financing solutions for top notch developers, owners and operators like Agilitas is core to Nomura’s DNA, and this transaction is emblematic of our business strategy.”
- Vinod Mukani, Global Head of Nomura’s Infrastructure & Power Business (IPB)
“We look forward to our partnership with Agilitas Energy as the company continues to rapidly grow its portfolio of solar and storage projects across the U.S. As a solution-oriented firm, this financing is another example of Nomura’s ongoing commitment to provide customized financing solutions to experienced developers, owners and operators.”
- Alain Halimi, Managing Director, Nomura’s IPB
