Client Success

Congratulations to our client, Agilitas Energy, on the sale of a 16.8 MW solar photovoltaic portfolio

Sherin and Lodgen represented Agilitas Energy in the closing of its 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. Over the past four years, Agilitas developed, engineered, constructed, and operated the majority of the projects, which 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 Sherin and Lodgen team included Beth A. Goldstein, chair of the firm’s Renewable Energy Department, Colleen V. Collins, and Caroline Woodward, Of Counsel.

According to Agilitas, the proceeds from the sale will help accelerate the development of their newest portfolio, which is comprised of about 44 MW (DC) in solar PV and 34MW/113MWh of energy storage under the VDER and SMART programs incentive programs in New York and Massachusetts, targeting commercial operations within the next two years.

Agilitas Energy LLC is a leading commercial solar and energy storage developer and owner/operator in the Northeast. The Agilitas team has developed and/or built over 100 MW of solar PV systems since 2014 and is actively developing multiple solar PV and energy storage projects in the Northeast. Agilitas invests in energy projects at various stages, from inception to full entitlement to commercial operation.

CarVal Investors is an established global alternative investment fund manager focused on distressed and credit-intensive assets and market inefficiencies. Since 1987, CarVal has invested $124 billion in 5,495 transactions across 82 countries. CarVal has an established history of energy and power investments and is innovative in structuring partnerships in the renewables industry.