Renewable Properties, a California-based developer and investor in renewable energy projects, has increased its corporate capital facility by $40 million to a total of $120 million. The funds, managed by AB CarVal, will be used to secure new project opportunities, expand into new markets, and accelerate project development. Renewable Properties currently has over 1.7 GW of solar and energy storage projects under development across 17 states.

AB CarVal first invested in Renewable Properties in 2020 and expanded its commitment in 2022 and 2023. The $40 million increase in funding reflects AB CarVal’s confidence in Renewable Properties’ disciplined execution and strategic growth plans. The additional capital will enable Renewable Properties to advance its development pipeline and diversify its portfolio into more states and new technology sectors.

Renewable Properties works with communities, developers, landowners, utilities, and financial institutions to invest in solar energy systems. AB CarVal, an established global alternative investment manager with $20 billion in assets under management, has deployed over $6 billion in energy transition investments since 2017. The partnership between Renewable Properties and AB CarVal aims to drive energy forward for local communities and capitalize on compelling opportunities in the renewable energy industry.

Read more at Yahoo Finance: Renewable Properties Secures Additional $40 Million From AB CarVal