– Greenbacker DEV Management, LLC (“GDEV”) secured over $200 million in capital commitments for its second flagship fund (Fund II).
– Limited Partners include a major Canadian pension plan and several U.S. insurance companies.
– Benjamin Baker, Managing Partner, GDEV: “Over the past five years, our focus on distributed generation, energy reliability, and retail rate-linked revenue models has remained steadfast, even as markets and legislation experience volatility. For our businesses and investors, this thesis serves as a solid foundation for growth
in a rapidly evolving market.”
– Fund II continues GDEV’s strategy of building and scaling distributed energy resource (DER) platforms into mature infrastructure businesses.
– GDEV’s portfolio has delivered:
▪️330+ MW of new energy generation
▪️260 MWh of energy storage capacity
– Deployment primarily behind the meter, allowing faster timelines and inflation-linked returns.
– Behind-the-meter assets avoid lengthy permitting and interconnection processes.
– GDEV leverages strategic positioning, industry expertise, and flexible capital solutions to navigate shifting policy and market conditions.
– Strong track record includes transactions with Apollo Global Management, Ares Management, Sumitomo Corporation of Americas, and OIC.
– Since 2020, Fund I invested in 10 platforms focused on behind-the-meter and on-site generation.
– Notable Fund I transactions:
▪️Sale of Commonwealth Energy Partners to Perennial Power Holdings (Sumitomo subsidiary)
▪️Relevate Power’s partnership with Apollo, enabling its acquisition of Gravity Renewables
▪️Sunrock DG partnerships with CleanCapital and Nelnet, funding rooftop solar expansion
– Fund II has already made seven platform investments, including:
▪️Nexus PMG (low-carbon infrastructure advisory and engineering)
▪️Lightshift Energy (utility-scale energy storage)
▪️3V Infrastructure (multi-family EV charging owner and operator)
– GDEV emphasizes distributed generation, energy reliability, and retail rate-linked revenue models as its long-term thesis.
– Institutional investors continue to back GDEV due to its proven ability to scale and institutionalize distributed infrastructure platforms.
– Fund II positions GDEV to seize new middle-market opportunities in distributed energy infrastructure.
– GDEV plans to apply its policy-agnostic approach to accelerate growth in evolving regulatory environments.
