(Bloomberg) -- Carlyle Group Inc. is committing $100 million toward a new solar initiative.
The Washington-based firm is partnering with clean-power company Alchemy Renewable Energy to develop, buy, finance and operate solar projects in the U.S.
The initiative will focus on projects between 5 megawatts and 80 megawatts, said Pooja Goyal, head of Carlyle's renewable and sustainable energy team and co-head of its infrastructure group.
“There's a lot of opportunity when it comes to smaller renewable-energy projects,” she said in an interview. “That part of the market is very fragmented.”
Alchemy Renewable Energy is backed by Monarch Private Capital, which has placed over $1.5 billion of tax credits since 2005, according to a statement Tuesday. It has a portfolio of 38 renewables projects in development or operation across eight states.
To contact the reporter on this story: Brian Eckhouse in New York at beckhouse@bloomberg.net
To contact the editors responsible for this story: Joe Ryan at jryan173@bloomberg.net, Millie Munshi, Catherine Traywick
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