A new partnership has been announced in the US solar power market with global investment firm The Carlyle Group committing $100 million to be invested here. The proceeds will be used to develop, acquire, finance and operate solar power generation projects across the country.
The Carlyle Group has made this financial commitment through its affiliate company, Cardinal Renewables from its Renewable & Sustainable Energy Fund. To develop the solar power generation capacity, it has partnered with Alchemy Renewable Energy that develops and operates projects along with ensuring financing solutions as a portfolio company of Monarch Private Capital (MPC).
The MPC monetizes and invests in federal and state tax credits for profitable investment opportunities.
Under the partnership, Cardinal Renewables will acquire solar power generation projects and Alchemy will provide asset management services, along with placing tax equity financing, and managing all operations and maintenance services.
“We are excited to partner with Carlyle’s best in class Renewable and Sustainable Energy team to drive forward the energy transition,” said Alchemy CEO Lacie Clark. “Carlyle’s deep market expertise and long-standing relationships with corporations and utilities will be instrumental to enhancing project value creation.”
Bloomberg says the partnership will focus on projects of 5 MW to 80 MW capacity.