Excelsior Energy Capital Closes Fund II at $1B, Substantially Exceeding Target
Fund II surpasses its $750 million target as Excelsior scales its wind, solar, storage, and energy transition strategy
EXCELSIOR, Minn.–(BUSINESS WIRE)–Excelsior Energy Capital (“Excelsior”), a leading independent North American renewable energy investor, today announced the final close of Excelsior Renewable Energy Investment Fund II, LP (Fund II), with total capital commitments of just over $1 billion, surpassing its original $750 million target. Fund II will continue Excelsior’s strategy of investing equity in solar, energy storage, wind, and other energy transition projects across the United States.
Fund II is anchored by the Development Bank of Japan Inc. (DBJ) and attracted a diverse base of limited partner investors from the United States, Japan, Europe, Australia, and the Middle East. The new fund features strong support from returning Fund I investors and includes a broad mix of institutional capital, such as pension plans, insurance companies, fund-of-funds, diversified asset managers, endowments, family offices, and others.
“We’re proud to build on the success of our inaugural fund and grateful for the trust our investors have placed in us,” said Chris Moakley, Managing Partner of Excelsior Energy Capital. “Fund II allows us to continue executing on our disciplined investment strategy while expanding into select energy transition infrastructure opportunities. With a high-quality portfolio of solar and battery storage projects already underway, we look forward to delivering strong returns while supporting the global shift toward cleaner, more resilient energy systems.”
To date, Fund II is over 50% deployed, with capital committed to 15 investments, including solar and battery energy storage projects representing a combined 2.25 GW of generation capacity. Excelsior has also 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 this year. The company, which has grown rapidly to a team of approximately 50 professionals, is central to Excelsior’s platform expansion.
“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. 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,” said Alex Ellis, Co-Founder and Partner of Excelsior Energy Capital.
“We are proud to support Excelsior Energy Capital as a trusted manager with a strong investment track record and deep commitment to accelerating the energy transition,” said Shunsuke Motai, Senior Vice President at Development Bank of Japan Inc. “Excelsior’s experience and disciplined investment strategy align well with DBJ’s long-term investment priorities in the renewable energy sector.”
Excelsior’s Fund I, which closed at $504 million in 2021, has been fully deployed across 16 investments totaling 1.95 GW of wind, solar, and storage assets.
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.
About Excelsior Energy Capital
Excelsior Energy Capital is a renewable energy infrastructure fund focused on middle-market investments in wind, solar and battery storage plants, and businesses across North America. The highly specialized team brings over 100 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. Based in Minneapolis, Minnesota, the firm was founded in 2017 with two active funds totaling over $1.5 billion of equity capital. For more information, visit http://www.excelsiorcapital.com.
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