Renewable energy investor Excelsior Energy Capital has received USD 504 million (EUR 414.8m) in commitments in the final close of its inaugural renewable energy investment fund.
Excelsior Renewable Energy Investment Fund I LP, as it is called, invests equity in middle-market wind and solar power plants in the US and Canada. To date, it has completed seven investment deals involving 27 solar and wind projects totalling 192 MW. All of them are located in the US.
The fund’s final close surpassed the fund’s initial target of USD 500 million, Excelsior said on Wednesday. The round attracted the interest of investors from the US, Japan, Europe and the Middle East. Among them were blue-chip pension plans, diversified asset managers, leasing companies, family offices and various financial organisations.
Sidley Austin LLP provided Excelsior with legal advice on the transaction. Probitas Partners, Consilium Capital and The Trinity Group served as placement agents for the fund.