US$502mn first close achieved for Renewable Energy Investment Fund

Excelsior Energy Capital (Excelsior), an independent North American renewable energy and energy transition investor, has announced the first close of its second flagship fund, Excelsior Renewable Energy Investment Fund II LP (Fund II).

The first close is US$502 million, two-thirds of the fund's target size of US$750 million. Fund II invests in wind, solar and storage projects and businesses across North America, in addition to selected energy transition infrastructure outside of mainstream renewables. The fund's first close was led by five limited partners in Excelsior's first flagship fund, Excelsior Renewable Energy Investment Fund I, LP (Fund I) and two new limited partners. Excelsior started fundraising in the fall of 2022 and has received support and interest from global institutional investors. Fund II consists of more than 6.5 GW of solar power, solar power plus storage and off-grid battery storage projects totaling US$1.3 billion in potential investment opportunities.

Fund II is expected to hold a final close in 2023.

Sidley Austin LLP served as legal counsel for Excelsior on the transaction, led by Counsel Shannon Thompson and supported by Daniel Applebaum. Probitas Partners, DBJ Securities, and The Trinity Group provide placement agent services for Fund II.