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.
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