California-based Renewable Properties, a developer and investor in small-scale utility infrastructure projects, community solar, energy storage and electric vehicle charging, announced that it has increased its existing corporate capital facility with funds managed by AB CarVal by $40 million to a total of $120 million. The funds will be used to secure new project and acquisition opportunities, expand Renewable Properties’ development into new markets and accelerate project development in existing markets. Funds managed by AB CarVal, part of AllianceBernstein’s Private Alternatives business, first invested in Renewable Properties in 2020, expanding their commitment in 2022 and 2023. The $40 million increase announced on January 7 reflects AB CarVal’s continued belief in disciplined execution, project diversity and strategic growth plans in new Renewable Property markets. Renewable Properties currently has more than 1.7 GW of solar energy storage under development in 17 states, with more than 300 MW under construction or in operation. AB CarVal’s expanded capital facility will not only allow Renewable Properties to advance its development portfolio, but will also further diversify the company’s portfolio into more states and new technology sectors, such as electric land for edge data centers in key metropolitan locations across the U.S. “AB CarVal has been an exceptional partner for Renewable Properties. Their latest investment reflects the strength of our relationship and the continued momentum of the renewable energy industry,” said Aaron Halimi, founder and CEO of Renewable. Properties. “Despite the decline in federal tax credits, Renewable Properties is seeing significant demand in the small-scale utility, community solar, energy storage and electric vehicle charging markets. Our mission is to power energy for local communities, and this additional investment accelerates that mission while providing long-term value for our capital partners.” “The current market environment continues to create attractive opportunities for qualified operators and we are confident in Renewable Properties’ ability to capitalize on them,” said Alex Flamm, CEO of AB CarVal. “Renewable Properties consistently demonstrates disciplined development and execution across a diversified set of energy transition assets. Their management team has built a scalable platform with a strong track record, and this additional capital reflects our confidence in their ability to execute as they expand into new markets and opportunities across the country.” Renewable Properties was founded in 2017. The company works closely with communities, developers, landowners, utilities and financial institutions looking to invest in solar energy systems. AB CarVal is an established global alternative investment manager. The company has around $20 billion in assets under management. Since 2017, the group has deployed more than $6 billion in investments for the energy transition. —FORCE edited this content, which was contributed by the Renewable Properties communications team.