In a written statement the fund said it would manage two revolving facilities which will support the creation of more than 1,000 MW of Pv solar power over the next 60 months.
Founded by Matt Cheney and Karin Berardo of MMA Renewable Ventures, an energy investment firm responsible for the financing and construction of 50 US solar projects over a ten-year period, CleanPath picks up where MMA left off after its 2009 sale to Fotowatio.
By reducing barriers to capital, CleanPath’s founders said they plan to help North America become the world’s largest solar PV market by 2015.
“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,” said Matt Cheney, CEO of CleanPath.
“We formed CleanPath to assist developers, utilities, builders, businesses, governments and land owners in meeting the capital requirements of their projects, regardless of the scale of the opportunity. Providing liquidity and mitigating development risks for these segments is the sweet spot for CleanPath,” he said.
CleanPath’s team will focus on large-scale solar projects ranging in size from 5 to 100-plus megawatts utilizing top tier PV equipment.
The firm’s completed projects may be owned and operated directly (along with the syndication of tax equity and debt required under a permanent financing solution), or sold to long-term asset owners looking to capitalize on the team’s unparalleled ten-year track record and capacity to deliver.
“CleanPath is a market catalyst seeking to make clean energy more abundant and accessible,” added Karin Berardo, CFO of CleanPath. “We partner with other developers, with large-scale power consumers, with electric utilities, infrastructure funds and with policy makers to reduce costs, lower barriers, and get PV systems financed and constructed.”
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