Renewable energy fund Excelsior Energy Capital has closed its second fund, Excelsior Renewable Energy Investment Fund II, with just over $1 billion in total capital commitments, according to an April 8 press release. (Source: Shutterstock)
Renewable energy fund Excelsior Energy Capital has closed its second fund with just over $1 billion in total capital commitments, according to an April 8 press release.
Excelsior Renewable Energy Investment Fund II surpassed its original capital commitment target of $750 million, the release stated.
The fund is already over 50% deployed, with investments in 15 renewable projects, primarily focusing on solar and battery energy storage initiatives. These projects represent a combined generation capacity of 2.25 gigawatts (GW), the release stated.
“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,” said Alex Ellis, co-founder and partner of Excelsior Energy Capital.
Excelsior’s first fund, which closed at $504 million in 2021, has been fully deployed across 16 investments totaling 1.95 GW of wind, solar and storage assets.
The second iteration has seen strong support from returning investors from the first fund and includes a wide range of institutional investors such as pension plans, insurance companies, fund-of-funds, diversified asset managers, endowments and family offices.
Fund II is backed by the Development Bank of Japan Inc. and has attracted investors from various regions, including the U.S., Japan, Europe, Australia and the Middle East.
Additionally, Excelsior has established Lydian Energy as its first portfolio company under fund II.
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 in 2025.
“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,” Ellis said.
Sidley Austin LLP served as legal counsel for Excelsior, led by Partner Patrick Michel and Senior Managing Associate Ellen Murphy. Placement agent services were provided by DBJ Securities Co. Ltd., Probitas Partners and The Trinity Group.
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