Excelsior Energy Capital has announced the final close of its second renewable energy fund, raising just over $1 billion—well above its original $750 million target. The fund, Excelsior Renewable Energy Investment Fund II, LP (Fund II), will continue investing in solar, wind, battery storage, and other energy transition infrastructure across the United States.
The fund is anchored by the Development Bank of Japan Inc. (DBJ) and attracted a wide range of investors from the US, Japan, Europe, Australia, and the Middle East. Institutional backers include pension funds, insurance firms, asset managers, and endowments, with strong support from returning Fund I investors.
“We’re proud to build on the success of our inaugural fund and grateful for the trust our investors have placed in us,” said Chris Moakley, Managing Partner at Excelsior Energy Capital. “Fund II allows us to continue executing on our disciplined investment strategy while expanding into select energy transition infrastructure opportunities.”
Fund II is already over 50% deployed, backing 15 investments representing 2.25 GW of generation capacity across solar and battery storage projects. The fund has also established its first portfolio company, Lydian Energy, which develops utility-scale solar and storage projects. Lydian currently has three large-scale projects under construction and a team of approximately 50 professionals.
“Exceeding our target, especially in this fundraising market, is a great outcome,” said Alex Ellis, Co-Founder and Partner. “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 DBJ, added: “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.”
Excelsior’s first fund closed in 2021 at $504 million and was fully deployed across 16 projects totalling 1.95 GW of renewable energy assets.
Legal advice for the fund was provided by Sidley Austin LLP, with placement agent services from DBJ Securities Co. Ltd., Probitas Partners, and The Trinity Group.
