Excelsior Energy Capital Closes on $504M Renewable Energy Fund
Maybe you’ve never heard of Excelsior Energy Capital. But that’s about to change. The Excelsior-based renewable energy investor just closed on its first-ever fund, backed by an eye-popping $504 million. The fund looks to acquire wind farms and solar power plants across the U.S. and Canada. The fund exceeded its $500 million target.
“The fund will own the assets and be the active manager of the assets,” said Chris Moakley, managing partner of Excelsior Energy Capital. “We have 17 limited partners. Our investors are in six different countries.”
According to a statement from the company: “The fund attracted a diverse base of limited partner investors from the United States, Japan, Europe, and the Middle East, representing a blue-chip roster of pension plans, fund-of-funds, diversified asset managers, leasing companies, family offices, endowments, and other financial institutions.”
Excelsior Energy bills itself as a “pure-play” renewable energy infrastructure fund. Pure-play means that they exclusively invest in renewable energy and nothing else.
Moakley was previously president of TerraForm Power Inc. From 1995 to 2012 he was a partner with Quincy, Massachusetts-based Meridian Investments Inc., a firm that structured and financed affordable housing and renewable energy deals. He was CEO of Meridian Companies for his last six years with the company.
Excelsior Energy Capital was founded in 2017. Moakley said that he and his three partners have been working together for seven years. Moakley co-founded the company with Anne Marie Denman, Alex Ellis, and Ryan Fegley.
“Collectively we have about 60 years of experience in the industry,” said Moakley. “That made a big difference when we were raising the equity.”
In recent years, socially conscious investing has been gaining more traction. Companies that integrate environmental, social and governance considerations into their operational philosophy are now identified as “ESG” investments in market shorthand.
“There’s a real push from investors to be investing in assets that have that ESG framework,” said Moakley. “There’s definitely more of a social conscience now in investing.”
Moakley added, “We’re very proud of the fact that our investments have a positive social impact and fall within the ESG realm, but they first have to be quality investments and hit a certain economic profile for us to invest in them.”