Written by: Leonard Parker | solar news | January 12, 2022
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 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 and small-scale utility solar projects as well 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 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,” states Damien Dwin, founder and 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.
“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,” says 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.