Excelsior Energy Capital Closes Inaugural Renewable Energy Fund at $504 Million

Excelsior Energy Capital, a leading independent North American renewable energy investor, today announced the final close of its inaugural fund, Excelsior Renewable Energy Investment Fund I, with total capital commitments of USD 504 million, exceeding the Fund’s USD 500 million target. The Fund will continue to invest equity in middle-market wind and solar power plants across the United States and Canada.

The Fund attracted a diverse base of limited partner investors from the United States, Japan, Europe and the Middle East, representing a blue-chip roster of pension plans, fund-of-funds, diversified asset managers, leasing companies, family offices, endowments and other financial institutions.

“My partners and I are thrilled to achieve this exciting milestone, and everyone at Excelsior Energy Capital looks forward to continuing to execute on our proven strategy of investing in high-quality North American wind and solar projects,” remarked Chris Moakley, Managing Partner of Excelsior Energy Capital. “We feel incredibly fortunate to have the confidence of some of the most well-regarded limited partners in the world, and we look forward to helping them accomplish their investment and ESG objectives.”

To date, the Fund has made seven investments comprised of 27 solar and wind projects across five different U.S. states, with a combined nameplate capacity of 192 MW.

Sidley Austin LLP served as legal counsel for Excelsior on the transaction, led by Partner Karen Dewis and Associate Shannon Thompson. Probitas Partners, Consilium Capital and The Trinity Group served as placement agents for the Fund.

In December 2020, the Taaleri SolarWind II fund had its third closing with approximately EUR 320 million in total commitments. The third-close investors include Obligo Global Infrastuktur II Fund, YLE Pension Fund, the Nordic Environment Finance Corporation (NEFCO), institutional and high net worth investors and the Taaleri Group. Additionally, the Finnish Church Pension Fund joined the fund in June 2020.

NEFCO will join EBRD in the Taaleri SolarWind II CEE fund. This parallel fund invests alongside the main fund in investments in the Baltics, Poland and Southeast Europe.