– Excelsior Energy Capital announced the final close of its second fund, Excelsior Renewable Energy Investment Fund II, LP, with over $1 billion in capital commitments—exceeding its $750 million target.
– Fund II continues Excelsior’s strategy of investing equity in U.S.-based solar, energy storage, wind, and other energy transition projects.
– The fund is anchored by the Development Bank of Japan Inc. (DBJ) and includes limited partners from the U.S., Japan, Europe, Australia, and the Middle East.
– It received strong backing from returning Fund I investors and a broad mix of institutional capital including pension plans, insurance companies, fund-of-funds, asset managers, endowments, and family offices.
– Over 50% of Fund II has already been deployed across 15 investments totaling 2.25 GW of generation capacity in solar and battery energy storage.
– Excelsior established Lydian Energy under Fund II—a utility-scale solar and battery storage developer with three large projects under construction and a team of ~50 professionals.
– Fund I, which closed at $504 million in 2021, was fully deployed across 16 investments totaling 1.95 GW of wind, solar, and storage assets.
– Legal counsel for Excelsior was provided by Sidley Austin LLP, led by Patrick Michel and Ellen Murphy.
– Placement agent services were provided by DBJ Capital Securities Co. Ltd., Probitas Partners, and The Trinity Group.
– Christopher Moakley, Managing Partner of Excelsior Energy Capital, said: “We’re proud to build on the success of our inaugural fund and grateful for the trust our investors have placed in us.
– Alex Ellis, Co-Founder and Partner of Excelsior Energy Capital: “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.”
– Shunsuke Motai, Senior Vice President at Development Bank of Japan Inc.: “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.”
