Renewables firm ClearPath Energy has closed a facility and direct lending infrastructure fund managed by Brookfield Asset Management.
The proceeds will be used to support the construction and operations of ClearPath’s robust and “rapidly growing” renewable energy portfolio across the U.S., the companies said in a March 10 press release. The investment will initially focus on funding ClearPath’s operating and construction-stage assets in the U.S., intending to add incremental capital as ClearPath continues to scale its business.
Founded in 2017, ClearPath is a developer focused on solar, storage and EV charging.
"ClearPath is excited to partner with a strategic and top-tier institution like Brookfield with a lending facility that helps us accelerate and optimize our operating, construction and development pipeline,” said David Khasidy, co-founder and executive chairman of ClearPath. “This financing enables us to seamlessly transition our late-stage development assets into construction and then into operation. We’re also looking forward to scaling our multi-sector development tools while expanding our geographic footprint."
Hadley Peer Marshall, Brookfield's Managing Partner and co-head of Brookfield's infrastructure debt business, said the fund is supporting ClearPath’s continued success in building essential renewable power and energy transition assets across the U.S.
"We are pleased to finance ClearPath’s portfolio underpinned by supportive Community Solar regimes and long-term offtake arrangements," Marshall said.
Allen & Overy LLP served as legal counsel to ClearPath and Shearman Sterling LLP served as legal counsel to Brookfield.
Recommended Reading
Dividends Declared in the Week of May 6
2024-05-10 - Here is a selection of upstream, midstream and service and supply companies’ dividends declared in the past week.
OFS Sector Loses Jobs, but Trade Org Says Growth Potential Remains
2024-05-08 - According to analysis by the Energy Workforce & Technology Council, the OFS job market may still have potential for growth despite a slight decrease in the sector in April.
Exxon Appoints Maria Jelescu Dreyfus to Board
2024-05-08 - Dreyfus is CEO and founder of Ardinall Investment Management, a sustainable investment firm, and currently serves on the board of Cadiz Inc. and Canada-based pension fund CDPQ.
E&P BW Energy Undergoes ‘Technical’ Ownership Restructuring
2024-05-08 - The restructuring will not involve any change to the ultimate control of BW Energy as the shares currently held by BW Group will be sold to BW Energy Holdings.
Hess Midstream Subsidiary Plans Private Offering of Senior Notes
2024-05-08 - The proposed issuance is not expected to have a meaningful impact on Hess Midstream’s leverage and credit profile, according to Fitch Ratings.