Clean energy infrastructure investor Excelsior Energy Capital announced that it has raised over $1 billion in capital commitments at the final close of its second fund, Excelsior Renewable Energy Investment Fund II.

The firm said that the fund significantly surpassed its initial $750 million target. The fund also doubles the size of its predecessor, Excelsior Fund I, which closed at $504 million in 2021. Fund I has been fully deployed across 16 investments, totalling 1.95 GW of wind, solar, and storage assets.

Chris 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. Fund II allows us to continue executing on our disciplined investment strategy while expanding into select energy transition infrastructure opportunities.”

Fund II invests in equity in solar, energy storage, wind, and other energy transition projects across the U.S. The fund is already more than 50% deployed with capital committed to 15 investments, including solar and battery energy storage projects representing a combined 2.25 GW of generation capacity. The firm has also established its first portfolio company under Fund II, Lydian Energy, which develops and constructs utility-scale solar and battery energy storage system projects across North America.

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. We are deeply indebted to our limited partners for their support and the confidence they have in our ability to deliver on their respective investment plans.”

The new fund was anchored by the Development Bank of Japan Inc. (DBJ), and includes limited partner investors across the U.S., Japan, Europe, Australia, and the Middle East, including pension plans, insurance companies, fund-of-funds, diversified asset managers, endowments, family offices, and others.

Shunsuke Motai, Senior Vice President at Development Bank of Japan Inc., said:

“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.”

PHOTO COURTESY: EXCELSIOR ENERGY CAPITAL. Excelsior Energy Capital’s co-founders, left to right: Ryan Fegley, Anne Marie Denman, Chris Moakley and Alex Ellis.