Solar Edition short news :
Investment platform Lafayette Square and renewable energy developer Invenergy launched Reactivate, a community solar energy platform to support renewable energy development in local communities.
The partners will provide capital, technical assistance, and executives to build and operate Reactivate. The company expects to finance, acquire, develop, and operate solar energy projects primarily serving low-to-moderate income (LMI) communities and areas disproportionately affected by the clean energy transition.
The platform will focus on community solar projects, small-scale utility solar projects, and other projects such as energy storage, building electrification, and electric vehicle charging infrastructure. The company plans to use a customer subscription model to deliver energy bill credits.
By 2030, Reactivate seeks to develop 3 GW of renewable energy capacity, save $50 million in energy costs for LMI households, sign 100 contracts with minority or women-owned contractors, and facilitate workforce training for 2,500 workers.
Damien Dwin, founder & CEO of Lafayette Square has worked with Invenergy since 2005, and invested in the company for the last two decades. He founded Miami-based Lafayette in November 2020 as an investment platform to deploy services-backed capital to local communities, independent businesses, and investors. Previously, Dwin served as co-founder and co-CEO of Brightwood Capital Advisors from its founding in 2010 to October 2020.
Reactivate is majority-owned by a minority-owned business. It will be managed by a board of directors that includes Dwin and Renee Beaumont of Lafayette Square and Michael Polsky and Jim Murphy of Invenergy.
The news came just days after Invenergy said that Blackstone Infrastructure Partners would make a $3 billion equity investment in the Chicago-based renewable energy developer.
Blackstone’s investment will provide capital to speed Invenergy’s renewables development activities. Caisse de dépôt et placement du Québec (CDPQ) and Invenergy management remain majority owners and Invenergy will continue as managing member.
In late October, Sumitomo Mitsui Trust Bank arranged a $150 million Green Revolving Credit Facility for Invenergy Renewables, a first for the developer. Money from the facility will be used to support renewable energy project development in Japan.
Invenergy Renewables has developed more than 175 projects totaling nearly 25,000 MW across four continents. It also develops transmission and advanced energy storage projects.
Go to Source for full article
Author: Renewable Energy World
Powered by WPeMatico