Renewable Properties Secures $40 Million In Funding To Fuel Growth In Solar Energy Projects

In the desolate landscape of modern finance, a glimmer of hope emerges. Renewable Properties, a California-based developer, has secured an additional $40 million in funding from AB CarVal, a global alternative investment manager. This brings the total corporate capital facility to $120 million, a sum that will be used to fuel the company’s ambitious plans for growth.

According to POWER Magazine, Renewable Properties has been steadily building its portfolio of small-scale utility, community solar, energy storage, and EV charging infrastructure projects since its inception in 2017. The company’s strategy is to work closely with communities, developers, landowners, utilities, and financial institutions to bring solar energy systems to the forefront.

The increased funding from AB CarVal, which first invested in Renewable Properties in 2020, is a testament to the company’s disciplined execution and project diversity. AB CarVal, part of AllianceBernstein’s Private Alternatives business, has deployed over $6 billion in energy transition investments since 2017, with approximately $20 billion in assets under management.

As Renewable Properties looks to expand its development into new markets and accelerate project development in existing ones, the company — committed to its mission of harnessing the power of solar energy.