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Renewable energy investment firm CleanPath announced today that it has raise an $800 million fund that will be used to invest in large-scale solar projects.
The projects will range from ones that will generate 5 megawatts worth of power to more than 100 megawatts. The firm is hoping to invest in projects that will generate around 1 gigawatt worth of power by 2016. Most of the projects the company will invest in will generate between 5 and 20 megawatts of power, CleanPath said.
CleanPath will invest money from the new fund in North America primarily. The companies that receive an investment will receive capital, lines of credit and mentorship from the advisors at CleanPath.
Once the solar panel plant comes online, CleanPath can sell its stake in the company and use the funds to invest in a new solar power project. Firms like CleanPath can provide critical funding necessary for startups and other solar panel manufacturers to bring a panel manufacturing plant online so they can start making money producing the panels.
The firm is based in San Francisco, Calif. The firm has invested in solar power projects that generate more than 50 megawatts worth of power and biomass renewable energy projects that produce 100 megawatts worth of power. It has financed, owned and operated more than $300 million worth of solar power assets, the firm said.