New York-based Madison Energy Investments LLC plans to develop at least 550 MW of solar power capacity under a funding partnership with infrastructure investor Stonepeak Infrastructure Partners.
Madison Energy, which focuses on the distributed solar generation sector, said on Tuesday it has secured an initial equity commitment of up to USD 200 million (EUR 174.9m) from Stonepeak, which will enable it to develop, finance, own and operate PV projects within the commercial and industrial and small utility-scale sectors. Those schemes will be mainly ground-mounted, rooftop and carport installations with capacities of between 50 kW and 20 MW.
During a four-year period, recently-established Madison Energy will structure debt and equity financing, thus enabling the portfolio to expand to at least USD 1 billion worth of projects over the next few years. This will represent at least 550 MW of commercial and industrial PV capacity.
“This investment is a key element in our strategy, executing on exciting growth areas in renewable energy globally,” said Hajir Naghdy, senior managing director at Stonepeak, adding that the commercial and industrial solar market is expected to grow to 6.9 GW over the next four years.
(USD 1.0 = EUR 0.875)
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