Agile Energy Inc., a San Bruno, Calif.-based developer of utility-scale renewable power generating projects, has raised an undisclosed amount of Series A funding from Good Energies.
Agile Energy, Inc., a developer of utility-scale renewable power generating projects, announced today that it has closed a Series A investment from Good Energies, Inc., one of the world’s leading private investors in renewable energy and enabling technologies. The financing provides Agile Energy with both cash and credit support which will fund the company’s growth and development activities.
Agile Energy is focused on developing grid-connected, ground-mounted solar projects located in North America with generating capacity over 5 megawatts. Each project will feature photovoltaic or concentrating photovoltaic technology, with suppliers to be selected on a competitive basis. Agile Energy’s near-term pipeline consists of approximately 400 megawatts of solar projects.
“Good Energies is excited to be investing in an outstanding management team with a strong platform and a demonstrated track record of success in power project development,” said Will Nesbitt, Managing Director at Good Energies. “We believe the solar market in North America offers significant growth potential and Agile Energy will be one of the leading solar and renewable energy developers.”
Agile Energy manages and performs all development activities required to bring its projects from conception to construction, including siting, environmental permitting, securing transmission, contract negotiations and arranging project financing. Agile Energy’s founders, Glen Davis and Robert Morgan, have collaborated for more than 20 years in power development and have a combined 44 years of experience in regulated and restructured energy markets on five continents with $4 billion of debt and equity financings to their credit.
“Good Energies is a highly respected investor in renewable energy businesses and has helped build some of the world’s most successful solar companies,” said Glen Davis, Chief Executive Officer of Agile Energy. “We are pleased for many reasons to be partnering with them, including our shared commitment to sustainable energy sources. In addition to providing capital to support our growth, they bring a substantial market presence and strategic insights that will help Agile Energy quickly emerge as a world-class developer of solar projects.”
Agile Energy is entering into the North American utility-scale solar market at a time when a number of positive factors are converging to create a very promising landscape. These factors include an extension of the Investment Tax Credit through 2016, rebounding credit markets, a global reduction in solar module prices, increasingly supportive regulations and the continued challenges associated with siting and permitting non-renewable power plants.
“With utility-scale solar entering a period of high growth, this investment by Good Energies is perfectly timed,” said Robert Morgan, President of Agile Energy. “We foresee demand for more than 20,000 megawatts of utility-scale photovoltaic power in North America alone. Agile Energy is strategically developing its portfolio in jurisdictions that have favorable economics, a strong solar resource and an increasing demand for renewable power.”
About Agile Energy:
Agile Energy, Inc., headquartered in San Bruno, CA, is a developer of utility-scale renewable power generating projects, with focus on photovoltaic and concentrating photovoltaic projects in North America. The Company manages and performs all development activities required to bring its projects from conception to construction, including siting, environmental permitting, securing transmission, contract negotiations and arranging project financing. To learn more, visit us at www.agileenergy.com.
About Good Energies:
Good Energies is one of the world’s leading private investors in renewable energy and enabling technologies. The firm invests in solar, turbine-based renewables, green building technologies and other emerging areas within clean energy. Guided by the “3-P” principle of People-Planet-Profit, Good Energies looks for meaningful, long-term investments in companies with outstanding growth potential. The firm’s mission is to accelerate the global transition to a low-carbon economy. Founded in 2001, Good Energies manages the renewable energy portfolio of COFRA, a family owned and managed group of companies. The firm operates globally from offices in London, New York, Toronto, Washington, D.C., and Zug, Switzerland. Current and previous investments include REC, Q-Cells, 3TIER, Tendril Networks, EverPower, and SolarReserve. For more information, please visit: www.goodenergies.com.