Renewable energy investment firm CleanPath, LLC plans to invest $800 million in 1,000+ megawatts (MW) of large-scale solar photovoltaic (PV) projects over the next 5 years.
The firm announced it closed on funding for two revolving equity and credit facilities that will be used to make the investments.
CleanPath was founded by Matt Cheney and Karin Berardo of MMA Renewable Ventures, an energy investment firm responsible for financing and construction of 50 US solar projects over 10 years. CleanPath says they are picking up where MMA left off after its 2009 sale to Fotowatio.
The new company says it applies capital, credit and expertise in large-scale solar PV facilities in North America. CleanPath intends to focus on large-scale solar projects ranging in size from 5-100+ megawatts. The company says it may own and operate completed projects or sell them to long-term asset owners.
"We’ve seen significant progress scaling solar in the last several years, but the lack of capital continues to be one of the primary constraints impeding solar development," says Matt Cheney, CEO of CleanPath. "We formed CleanPath to assist developers, builders, businesses, governments and land owners in meeting the capital requirements of their projects, regardless of the scale of the opportunity."
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