Global private equity fund Argonaut Private Equity has increased its stake in SolarReserve, a developer of utility scale renewable energy solar power plants.

Further details, related to the investment figure or the new percentage of the stake in the company, weren't shared.

With this investment, Argonaut has increased its investment in the global solar market.

For SolarReserve, which had recently closed a second round of funding, totaling $140 million, the latest investment comes at a stage when it is being said that it is already equipped with financial resources to aggressively pursue the expanding market for large scale solar energy projects. The company is gearing up to advance its development of more than 5,000 megawatts (MW) of utility scale power plants in locations across the globe, each ranging in size from 50MW to 300MW.

The $140 million financing was led by the renewable energy private equity group within Citi Alternative Investments, Sustainable Development Investments (SDI), and Good Energies. Other investors included US Renewables Group, the founding investor in SolarReserve, along with PCG Clean Energy & Technology Fund (CETF), Nimes Capital, LLC and Credit Suisse.