Solar developer Agile Energy gets $24 million to pursue projects

Solar developer Agile Energy gets $24 million to pursue projectsAgile Energy, Inc., a developer of utility-scale solar projects, announced on June 9 that it secured $24 million in financing from Good Energies Capital, a global renewable energy investor. Agile will use the financing to pursue its pipeline of more than 1 gigawatt of solar projects, mainly in the southwestern U.S.

The company has solar projects in various stages of development in Arizona, California, Colorado, Ohio and Texas, said Agile spokesperson Eric Lundberg. “We’ve announced one project, our project in Ohio, Turning Point Solar. That project is 49.9 megawatts,” he said. AEP Ohio has submitted documents with Ohio regulators to buy the power from the project under a power-purchase agreement.

In all, Agile has now attracted $37 million in financing from Good Energies. Not bad for a company that started up in December 2009.

“Good Energies Capital has a range of investments in clean tech and renewable resources. They view Agile Energy as a company that can find projects and develop projects,” Lundberg said. “They like the experience of the management team and have been very pleased with progress of the business since their original investment.”

Agile isn’t likely to pursue more financing for the company itself right now.

“Right now, with the growth of our business, we’re happy with this round of financing. We might in the future look for more. But right now we’re happy with what we’ve been able to raise,” Lundberg said. “What this financing is going to allow us to do is continue to invest and develop these projects and develop new projects.”

The company is likely to pursue financing for individual projects, according to Lundberg.

“Energy development and project development is a very capital intensive project. There will be needs at individual level for capital investments,” he said.

At this point, the company is focused on photovoltaic projects in the U.S., according to Lundberg. But, in the future, it may pursue international projects.

“I do think that’s an opportunity at some point. But right now there are a lot of opportunities in North America,” he said. “It’s good area to invest in right now.”

Image courtesy of NREL.