Excelsior Surpasses Target, Raises Over $1 Billion for RE

US-based renewable energy investor Excelsior Energy Capital has achieved a financial close of over $1 billion for its latest renewable energy fund, exceeding the $750 million target. 

The Excelsior Renewable Energy Investment Fund II, LP (Fund II) has secured capital commitments to invest in solar, energy storage, wind and other energy transition projects across the US.  

It has already deployed over 50% of Fund II with capital commitment for 15 investments, including solar and battery energy storage projects, representing a combined 2.25 GW of generation capacity. 

Excelsior has also established a North America-focused utility-scale solar and battery energy storage systems (BESS) company, Lydian Energy, as its 1st portfolio company under the new fund (see New Entrant To US Utility-Scale Solar & Storage Market).

“Fund II allows us to continue executing on our disciplined investment strategy while expanding into select energy transition infrastructure opportunities,” said Excelsior Energy Capital’s Managing Partner, Chris Moakley. “With a high-quality portfolio of solar and battery storage projects already underway, we look forward to delivering strong returns while supporting the global shift toward cleaner, more resilient energy systems.”

Excelsior says the fund II is anchored by the Development Bank of Japan (DBJ) with other partners from the US, Japan, Europe, Australia, and the Middle East. It also features returning investors from Fund I. Other institutional capital investors include pension plans, insurance companies, fund-of-funds, diversified asset managers, endowments, family offices, and others.

Closed at $504 million in 2021, Fund I has been fully deployed to support 16 investments totaling 1.95 GW of wind, solar and storage assets.