CleanPath LLC has closed an equity and credit facility to invest in the development and construction of large-scale solar PV projects in North America. CleanPath will manage two revolving facilities to invest over $800 million into more than 1,000 MW in large-scale solar PV projects over the next 60 months, according to the company.
Founded by Matt Cheney and Karin Berardo of MMA Renewable Ventures, an energy investment firm responsible for the financing and construction of 50 U.S. solar projects over a ten-year period, CleanPath picks up where MMA left off after its 2009 sale to Fotowatio, now focusing solely on infusing capital into large-scale projects.
The new company says it applies capital, credit and expertise in large-scale solar PV facilities in North America.
‘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,’ says Cheney. ‘We formed CleanPath to assist developers, utilities, builders, businesses, governments and landowners in meeting the capital requirements of their projects, regardless of the scale of the opportunity.’