Cardinal Renewables, an affiliate of The Carlyle Group, has pledged to invest $100 million as part of a new partnership with Alchemy Renewable Energy aimed at acquiring and developing solar projects in the United States.
Under the agreed terms, Alchemy will provide asset management services and management of all operations and maintenance services.
Carlyle said that equity capital for the transaction comes from its Renewable & Sustainable Energy Fund.
Founded in 2016, Alchemy has been involved in the successful development, construction and operation of more than 850 megawatts of renewable energy projects. Alchemy’s current portfolio consists of 38 renewable energy projects in development or operation across eight states.
