Lafayette Square and Invenergy Announce Launch of Renewable Energy Joint Venture
New renewable energy platform brings together industry leaders to focus on community solar, small-scale utility solar, and next-gen projects, as well as various initiatives supporting underserved communities
NEW YORK, Jan. 12, 2022 /PRNewswire/ -- Lafayette Square, an impact investment platform, and Invenergy, a leading privately-held global developer and operator of sustainable energy solutions, announced today the launch of Reactivate, a community solar energy platform supporting renewable energy development in local communities. Reactivate seeks to create positive social and environmental impact by investing in innovative projects and collaborating with local partners to deliver renewable energy benefits to underserved people and places.
As part of the joint venture, Lafayette Square and Invenergy will provide capital, technical assistance, and dedicated executives to build and operate Reactivate (the "Company"). The Company expects to finance, acquire, develop, and operate solar energy projects primarily serving low-to-moderate income (LMI) communities and areas disproportionately affected by the clean energy transition. The platform will focus on community solar projects, small-scale utility solar projects, and next-generation projects such as energy storage, building electrification, and electric vehicle charging infrastructure.
Reactivate seeks to make impact by increasing access to renewable energy and providing energy cost savings for LMI families and individuals who subscribe to its solar projects to receive credits on their energy bills. The Company will create development, construction, and operations jobs while focusing worker training efforts on traditionally underrepresented segments of the workforce and those transitioning to the renewable energy industry. These projects are also expected to generate property tax revenue for local governments and create opportunities for Minority and Women-Owned Business Enterprises (MWBEs). By 2030, Reactivate seeks to develop three gigawatts (GW) of renewable energy capacity, save $50 million in energy costs for LMI households, sign 100 contracts with minority or women-owned contractors, and facilitate workforce training for 2,500 underserved workers.
"We are excited to partner with Invenergy to increase access to renewable energy and unlock the economic and social potential of local communities," said Damien Dwin, Founder & CEO of Lafayette Square. "By bringing together capital, technology, experienced solar operators and targeted employee training programs, we believe we can create a more inclusive and localized renewable energy production model benefitting historically marginalized communities."
Dwin has worked closely with Invenergy since 2005, investing in Invenergy for the last two decades. Reactivate represents the culmination of that relationship. By bringing Lafayette Square and Invenergy together, Reactivate leverages their collective experience and expertise in renewables and finance to drive impact at the local level through job training and building of sustainable projects.
"We are proud to work with Lafayette Square on this venture that will expand Invenergy's reach to new communities and advance our mission to build a more sustainable world," said Michael Polsky, Founder and CEO at Invenergy. "We look forward to accelerating the clean energy transition with a partner that is as committed to delivering environmental and social benefits to all communities as we are."
Reactivate is majority-owned by a minority-owned business. The Company will be managed by a board of directors that includes Damien Dwin and Renee Beaumont of Lafayette Square and Michael Polsky and Jim Murphy of Invenergy.
About Lafayette Square Lafayette Square is a commercially scaled investment platform built for and enhanced by our commitment to impact. We deploy long term capital alongside impactful services to local communities across America through our credit, real estate, and renewables divisions.
Our mission is to be the leading provider of impact driven capital working toward a more inclusive economy. For more information about Lafayette Square, please visit www.lafayettesquare.com.
About Invenergy We are innovators building a sustainable world. Invenergy and its affiliated companies develop, own, and operate large-scale sustainable energy generation and storage facilities in the Americas, Europe and Asia. Invenergy's home office is located in Chicago, and it has regional development offices in the United States, Canada, Mexico, Spain, Japan, Poland and Scotland. Invenergy has successfully developed more than 29,000 megawatts of projects that are in operation, construction or contracted, including wind, solar, transmission, and natural gas power generation facilities as well as advanced energy storage projects. For more information, please visit www.invenergy.com.
Media Contact for Reactivate: Shree Dhond/ Doug Allen Dukas Linden Public Relations 646-722-6531 [email protected]