Excelsior Energy Capital divests solar portfolio to BlackRock’s Evergreen Infrastructure Partners Fund
Excelsior Energy Capital, a forefront investor in renewable energy infrastructure, has marked a significant milestone by announcing the sale of its portfolio of 38 solar energy and solar plus storage projects to BlackRock’s Evergreen Infrastructure Partners Fund. This strategic divestiture encompasses Excelsior’s entire stake within its Fund I portfolio, showcasing the fund’s successful exit strategy and operational success over the years. The transaction with BlackRock, a leading global investment management firm, signifies Excelsior’s first exit from its inaugural fund, Excelsior Renewable Energy Investment Fund I LP, which has surpassed its $500 million target in capital commitments since its inception seven years ago.
The sold portfolio, emphasizing Excelsior’s commitment to renewable energy, spans across 10 U.S. states and is pivotal in supporting the generation of over 3,000 GWh of renewable energy annually. This sale not only underscores the fund’s success in the renewable energy sector but also highlights the growing interest and investment in sustainable and green energy projects.
Chris Moakley, Managing Partner of Excelsior, expressed pride in this accomplishment, stating, “This successful exit marks a proud milestone for the Excelsior team and validates our differentiated strategy for addressing North American renewable power generation.” Anne Marie Denman, Co-Founder and Partner at Excelsior, echoed this sentiment, emphasizing the firm’s proficiency in managing the full lifecycle of investments from origination to realization.
The portfolio consists of fully operational solar and battery storage distributed generation projects with a total nameplate capacity of 89 MWDC. James Berner, Managing Director and Head of the Americas for BlackRock’s Evergreen Infrastructure Partners Fund, highlighted the portfolio’s alignment with the fund’s strategy of investing in long-dated infrastructure platforms, indicating the significance of this acquisition in promoting energy transition and energy security.
Throughout the sale process, Excelsior was advised by Akin Gump, Morgan Stanley, and KeyBanc Capital Markets, showcasing the collaborative efforts behind this significant transaction. BlackRock’s advisory team included Latham & Watkins, KPMG, Natural Power, and Thorndike Landing, ensuring a comprehensive support network for the successful completion of the sale.
The divestiture of Excelsior Energy Capital’s solar portfolio to BlackRock’s Evergreen Infrastructure Partners Fund is a testament to the growing viability and attractiveness of renewable energy investments. This transaction not only represents a significant achievement for Excelsior but also reflects the broader market trend towards sustainable and environmentally friendly energy sources. As the world continues to shift towards cleaner energy solutions, such strategic investments are crucial for accelerating the transition to a more sustainable energy future.