Renewables investment outfit Lacuna has raised $50m for financing development-stage solar and storage projects.
With the new fund Lacuna said it will “substantially expand its investment-related activities”.
The fund will invest, generally, in the “risk capital” components of development projects – pre-construction equity, preferred equity and subordinated debt – and on limited occasions may invest in the direct senior debt component of the capital structure, according to Lacuna.
Going forward, the company will recycle capital from the sale of existing investments and obtain additional capital from project debt facilities on an as-needed basis.
Lacuna co-founder David Riester said: “Brad, Patrick and I founded Lacuna because we saw an opportunity to bridge the gap between development and long-term asset ownership.
“The fund allows us to place greater emphasis on investment-related activities and increase our role as an originator and investor in development projects.”
Co-founder Patrick McConnell added: “The team is excited to have closed the investment and turn our attention to deploying capital with our development partners into projects that will generate highly reliable income streams for the right long-term owners.”
“Lacuna is our own development project. We’re incredibly proud of the team we are building at Lacuna and how we approach collaboration and teamwork both with our founding team and with our development partners and investors,” said co-founder Brad Bauer.
Lacuna also performs limited advisory work where the engagement “complements” the company’s investment activities.