Homecoming Capital to Invest $50 Million in Clean Energy Terminals to Support Development of U.S. Offshore Wind Port Infrastructure

Initial Investment Will Enable Clean Energy Terminals to Develop Critical Offshore Wind Port Assets Along U.S. East and West Coasts

Homecoming Capital is Prepared to Provide Additional Capital as Clean Energy Terminals’ Portfolio Matures

Clean Energy Terminals’ Executives Previously Led Development and Construction of the $1B+ New Jersey Wind Port

SAN FRANCISCO–(BUSINESS WIRE)–Homecoming Capital (“Homecoming”), an investor in zero-emission infrastructure, announced today that it has made an initial $50 million commitment to Clean Energy Terminals (“CET”), a pioneer of U.S. offshore wind (“OSW”) port infrastructure development. CET will leverage Homecoming’s investment to execute early-stage development work on a portfolio of newbuild and redeveloped OSW ports along the U.S. east and west coasts. Upon completion, CET’s projects will address the critical port infrastructure gap that is currently constraining the U.S. OSW industry.

Led by Chief Executive Officer Brian Sabina and Chief Development Officer Jonathan Kennedy, CET was founded on the principle that OSW ports enable not only clean energy generation, but also long-term economic benefits and good-paying, local jobs. Messrs. Sabina and Kennedy were previously senior executives at the New Jersey Economic Development Authority, where they led the development and construction of the $1B+ New Jersey Wind Port (“NJWP”), the country’s first purpose-built OSW marshalling and manufacturing port facility. The award-winning NJWP was built with union labor under a project labor agreement and is expected to create up to 1,500 new jobs, growing New Jersey’s GDP by $500 million annually and transforming one of the most historically disadvantaged areas of the state. Building on this experience, the CET team is committed to working in partnership with public port authorities, harbor districts, and municipalities to develop port projects in a community-oriented and environmentally responsible way.

“With the U.S. targeting 110 GW of OSW capacity by 2050, including 15 GW of floating wind by 2035, demand for both port infrastructure and the capital required to build it has never been greater,” said Mr. Sabina. “We are proud to partner with Homecoming Capital, a mission-aligned investor who recognizes the importance of port development to both the offshore wind industry specifically and to energy independence and decarbonization at large. Homecoming’s long-term investment horizon, hands-on approach to working with management teams, and understanding that infrastructure needs to be developed in a way that is responsive to local stakeholders makes them a great fit for CET. They have a proven track record of identifying and scaling development platforms and will be invaluable as we grow our company into a leading provider of offshore wind port infrastructure.”

Since its founding in 2019, Homecoming Capital has invested in power, transportation, and industrials companies that are rewiring the economy with zero-emission infrastructure. Previous investments include participation in the take-private of Fjord1, the leading Norwegian electric ferry operator, and a more than $100 million commitment to Forum Mobility, a California-based zero-emission trucking solutions provider. Homecoming’s investment in CET is its first in the OSW market, and the firm is prepared to provide additional capital to the company as its project portfolio matures.

“As a partner to industry-leading teams, we see firsthand the significant impact zero-emission infrastructure has on accelerating the energy transition. By developing the ports necessary to enable offshore wind, CET is poised to accelerate gigawatts of offshore wind deployment in the years to come,” added Cody Evans, Co-Founder and Partner at Homecoming. “The CET team’s deep experience liaising between the private and public sectors to meet project developer, local community, and government needs, coupled with their technical and commercial expertise, makes them uniquely qualified to be the nation’s leading private offshore wind port infrastructure developer. We are excited to partner with CET to achieve their vision and advance the development of the offshore wind industry.”

Homecoming Capital

Founded in 2019, Homecoming Capital is a private investment firm that seeks to accelerate decarbonization and generate attractive financial returns by investing in zero-emission infrastructure across the power, transportation, and industrials sectors. For more information, please visit: https://homecomingcapital.com.

Clean Energy Terminals

Clean Energy Terminals is a project developer that invests in and develops offshore wind port infrastructure. Clean Energy Terminals’ projects unlock clean energy generation, create long-term jobs, and enable new local economic benefits. As one of the only U.S. development teams to have successfully built offshore wind marshalling and manufacturing facilities, Clean Energy Terminals has the technical, commercial, and stakeholder engagement experience needed to successfully deliver these major infrastructure projects. For more information, please visit: https://cleanenergyterminals.com.

Contacts

For Homecoming Capital:
Cody Evans

cody@homecomingcapital.com

Gasthalter & Co.

Homecoming@gasthalter.com

For Clean Energy Terminals:
Brian Sabina

bsabina@cleanenergyterminals.com