California-based Renewable Properties, a developer and investor in small-scale utility, community solar, energy storage, and EV charging infrastructure projects, announced that it has increased its existing corporate capital facility with funds managed by AB CarVal by $40 million to a total of $120 million. The funds will be used to secure new project opportunities and acquisitions, expand Renewable Properties’ development into new markets, and accelerate project development in existing markets.
Funds managed by AB CarVal, part of AllianceBernstein’s Private Alternatives business, first invested in Renewable Properties in 2020, expanding its commitment in 2022 and 2023. The $40-million increase announced January 7 reflects AB CarVal’s continued conviction in Renewable Properties’ disciplined execution, project diversity, and strategic plans for growth in new markets.
Renewable Properties currently has more than 1.7 GW of solar and energy storage under development across 17 states, with more than 300 MW under construction or in operation. AB CarVal’s enlarged capital facility will not only enable Renewable Properties to advance its development pipeline, but it will also further diversify the company’s portfolio into more states and new technology sectors, such as powered land for edge data centers in key metro locations throughout the U.S.
“AB CarVal has been an exceptional partner to Renewable Properties. Their latest investment reflects the strength of our relationship and the continued momentum of the renewable energy industry,” said Aaron Halimi, founder and CEO of Renewable Properties. “Despite the sunset of Federal tax credits, Renewable Properties is experiencing significant demand in small-scale utility, community solar, energy storage, and EV charging markets. Our mission is to drive energy forward for local communities, and this additional investment accelerates that mission while providing long-term value for our capital partners.”
“The current market environment continues to create compelling opportunities for skilled operators, and we are confident in Renewable Properties’ ability to capitalize on them,” said Alex Flamm, managing director with AB CarVal. “Renewable Properties consistently demonstrates disciplined development and execution across a diversified set of energy transition assets. Their management team has built a scalable platform with a strong track record, and this additional capital reflects our confidence in their ability to execute as they expand into new markets and opportunities nationwide.”
Renewable Properties was founded in 2017. The company works closely with communities, developers, landowners, utilities and financial institutions looking to invest in solar energy systems.
AB CarVal is an established global alternative investment manager. The company has about $20 billion in assets under management. The group since 2017 has deployed more than $6 billion in energy transition investments.
—POWER edited this content, which was contributed by the communications team for Renewable Properties.
