Excelsior Energy Capital, an independent North American renewable energy investor, announced the final close of Excelsior Renewable Energy Investment Fund II, LP (Fund II). With total capital commitments of just over $1 billion, Fund II surpasses its original $750 million target. Fund II will continue Excelsior’s strategy of investing equity in solar, energy storage, wind, and other energy transition projects across the US.
Fund II is anchored by the Development Bank of Japan (DBJ) and attracted a diverse base of limited partner investors from the United States, Japan, Europe, Australia, and the Middle East. And the new fund features strong support from returning Fund I investors. It includes a broad mix of institutional capital, such as pension plans, insurance companies, fund-of-funds, diversified asset managers, endowments, family offices, and others.
So far, Fund II is over 50% deployed, with capital committed to 15 investments, including solar and battery energy storage projects representing a combined 2.25 GW of generation capacity. Excelsior has also established Lydian Energy as its first portfolio company under Fund II. And Lydian, which develops and constructs utility-scale solar and battery energy storage system projects across North America, currently has three large-scale projects under construction and scheduled to come online this year.
Excelsior’s Fund I, which closed at $504 million in 2021, has been fully deployed across 16 investments totaling 1.95 GW of wind, solar, and storage assets.
Sidley Austin served as legal counsel for Excelsior, led by Partner Patrick Michel and Senior Managing Associate Ellen Murphy. And the placement agent services were provided by DBJ Securities Co. Ltd., Probitas Partners, and The Trinity Group.
KEY QUOTES:
“We’re proud to build on the success of our inaugural fund and grateful for the trust our investors have placed in us. Fund II allows us to continue executing on our disciplined investment strategy while expanding into select energy transition infrastructure opportunities. With a high-quality portfolio of solar and battery storage projects already underway, we look forward to delivering strong returns while supporting the global shift toward cleaner, more resilient energy systems.”
- Chris Moakley, Managing Partner of Excelsior Energy Capital
“Exceeding our target, especially in this fundraising market, is a great outcome. The success of our Fund II fundraising is a testament to the strength of our investment strategy, the performance of our team, and the growing demand for sustainable infrastructure. We are deeply indebted to our limited partners for their support and the confidence they have in our ability to deliver on their respective investment plans.”
- Alex Ellis, Co-Founder and Partner of Excelsior Energy Capital
“We are proud to support Excelsior Energy Capital as a trusted manager with a strong investment track record and deep commitment to accelerating the energy transition. Excelsior’s experience and disciplined investment strategy align well with DBJ’s long-term investment priorities in the renewable energy sector.”
- Shunsuke Motai, Senior Vice President at Development Bank of Japan
