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
lafayettesquare@dlpr.com
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SOURCE Reactivate