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Catalina Energy Capital reports that it has completed three major solar and battery storage infrastructure transactions and is on track to advise on more than 4 GW of solar and storage assets by the end of this year.
Catalina Energy Capital is a renewable energy investment bank with a mission to accelerate the energy transition by creating capital solutions across debt and equity capital markets, mergers and acquisitions, climate technology, power purchase agreements and tax credits.
The bank was founded in July 2023 by Dan Rittenhouse, who told pv magazine : “We’ve split our time between corporate-level and project-level raises, where we do early-, mid- and late-stage assets.”
On the day of the launch, the bank announced that it had already closed three deals. One of the deals is with SolarStone Ltd., which the bank advised on the sale of a 500 MW solar and storage portfolio in the Western Desert.
The bank also arranged a $130 million corporate raise for Novel Energy Solutions, a Midwest-based solar and storage developer, from a $40 billion global asset manager.
A seven-figure equity and debt raise was also completed for Solar Collective, a commercial and industrial solar developer, by family office Current Equity Partners.
In addition, the bank reports that it also has consulting contracts with Pedal Steel Solar and Headwater Energy, both developers of utility-scale solar and storage. “We are advising two data centers that want to procure renewable energy as part of their energy mix, as well as long-duration battery storage technology (non-lithium ion),” Rittenhouse told pv magazine .
Rittenhouse, founder and CEO, was previously Head of Renewables at Forest Road Company, a renewable infrastructure investment firm. Prior to that, he served as Head of Structured Finance at FCM Renewables, where he provided merchant banking services to over 9 GW of solar and storage assets across a variety of utility-scale owners and developers.
“Our experience as developers, investors, lenders and owners allows us to offer a multi-purpose suite of financial services,” Rittenhouse said. “Incumbent banks often employ armies of analysts, run endless processes and charge exorbitant fees, regardless of whether clients are successful or not. We are a small team of industry veterans offering a hungry, unselfish alternative.”
The bank says it is on track to advise on more than 4GW of solar and storage assets by the end of this year, or enough to supply clean energy to nearly a million homes and small businesses.
The bank will focus on investments within the US, “with the exception of some (very) early engagements with companies looking to bring their manufacturing operations to the US,” Rittenhouse told pv magazine .
According to Rittenhouse, Catalina is launching now in part to “get our name out there as we expand into adjacent sectors in the energy transition. Catalina strives to be part of the next generation of forward-thinking investment banks empowering clean energy to own the expansion of electricity demand around the world, and we can’t do that by staying under the radar.” |
