March 18 (Renewables Now) - US investment manager Lacuna Sustainable Investments has raised USD 50 million (EUR 45.4m) to invest in development-stage solar and storage projects, it announced on Wednesday.
Lacuna will use the financing to support the "risk capital" components of development projects, including pre-construction equity, preferred equity and subordinated debt. On limited occasions, it could also invest in the direct senior debt component of the capital structure, the announcement says.
"The fund allows us to place greater emphasis on investment-related activities and increase our role as an originator and investor in development projects," commented co-founder David Riester.
The company also noted that going forward it will recycle capital from the divestment of existing investments and seek to secure additional capital from project debt facilities.
(USD 1.0 = EUR 0.908)