Excelsior Energy Capital Achieves $502 Million First Close on Second Flagship Fund at Two Thirds of Target
EXCELSIOR, Minn.–(BUSINESS WIRE)–Excelsior Energy Capital (“Excelsior”), a leading independent North American renewable energy and energy transition investor, today announced the first close of its second flagship fund, Excelsior Renewable Energy Investment Fund II LP ( “Fund II”), with total capital commitments of $502 million, equal to two-thirds of the target $750 million fund size. Fund II will continue to invest equity in middle-market wind, solar and storage projects and businesses across North America, in addition to select energy transition infrastructure outside of core renewables.
The first close was led by five existing limited partners in Excelsior’s first flagship fund, Excelsior Renewable Energy Investment Fund I, LP (“Fund I”), along with two new limited partners. Excelsior officially launched the fundraise last fall, receiving strong support and interest from global institutional investors.
“To have closed on two-thirds of our target in just five months is a very encouraging start to our Fund II fundraise, especially in this environment,” remarked Chris Moakley, Managing Partner of Excelsior Energy Capital. “The progress speaks to the trust and confidence bestowed in Excelsior by our limited partners and is an indication of the performance of our Fund I portfolio and the incredible work of our team,” added Alex Ellis, Partner at Excelsior Energy Capital.
With Fund I near fully committed, Excelsior expects to close on the initial Fund II investments in the upcoming quarter. The Fund II pipeline is comprised of over 6.5 gigawatts of solar, solar plus storage and standalone battery storage projects totaling $1.3 billion in potential investment opportunity.
Fund II is expected to hold a final close in 2023.
Sidley Austin LLP served as legal counsel for Excelsior on the transaction, led by Counsel Shannon Thompson and supported by Daniel Applebaum.
Probitas Partners, DBJ Securities and The Trinity Group provide placement agent services for Fund II.
About Excelsior Energy Capital
Excelsior Energy Capital is a renewable energy and energy transition valued-add infrastructure fund focused on middle-market investments across North America. The Excelsior management team brings over 70 years of combined experience and a comprehensive set of strategic, financial, legal and operational expertise, making Excelsior Energy Capital a valuable partner for developers and operators, and a trusted manager for investors.
For more information about Excelsior Energy Capital, visit http://www.excelsiorcapital.com.
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Alex Ellis
