Renewable Properties Secures Additional $40 Million From AB CarVal

Core Insights - Renewable Properties has increased its corporate capital facility by $40 million to a total of $120 million, with funds managed by AB CarVal, to secure new project opportunities and expand into new markets [1] - The additional funding reflects AB CarVal's confidence in Renewable Properties' disciplined execution and strategic growth plans, particularly in the renewable energy sector [1] - Renewable Properties currently has over 1.7 GW of solar and energy storage projects under development across 17 states, with more than 300 MW under construction or operational [1] Company Developments - The partnership with AB CarVal has been ongoing since 2020, with increased commitments in 2022 and 2023, indicating a strong relationship and mutual confidence in the company's growth [1] - The new capital will allow Renewable Properties to diversify its portfolio into more states and new technology sectors, including powered land for edge data centers [1] - The company aims to drive energy forward for local communities, despite the sunset of Federal tax credits, and is experiencing significant demand in various renewable energy markets [1] Market Context - The current market environment presents compelling opportunities for skilled operators in the renewable energy sector, which Renewable Properties is well-positioned to capitalize on [1] - AB CarVal has a strong track record in energy transition investments, having deployed over $6 billion since 2017, and manages approximately $20 billion in assets [1] - Renewable Properties was founded in 2017 and collaborates with various stakeholders, including communities, developers, landowners, utilities, and financial institutions [1]