Excelsior Energy Capital Raises $1 Billion for Second Renewable Energy Fund

Excelsior Energy Capital, a leading independent renewable energy investor, has successfully closed its Excelsior Renewable Energy Investment Fund II, LP, at just over $1 billion, significantly surpassing its original $750 million target. The final close marks a strong vote of confidence from global institutional investors in the firm’s energy transition strategy, underscoring the growing appetite for sustainable infrastructure investments.

A Strong Vote of Confidence in the Energy Transition

The success of Fund II builds on the momentum of Excelsior’s inaugural fund, continuing its commitment to backing renewable energy projects across North America. The fund is focused on solar, wind, energy storage, and broader energy transition infrastructure, with a diversified portfolio of institutional investors spanning the U.S., Japan, Europe, Australia, and the Middle East.

“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.”

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A High-Quality Portfolio of Projects Already Underway

Fund II has already deployed over 50% of its capital, with investments in 15 projects totaling 2.25 GW of solar and battery storage capacity. Among the key investments is the launch of Lydian Energy, the first portfolio company under Fund II. Lydian focuses on the development and construction of utility-scale solar and battery energy storage systems (BESS) across North America, with three large-scale projects now under construction and expected to come online later this year.

“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,” said Shunsuke Motai, Senior Vice President at the Development Bank of Japan (DBJ), which anchored the fund. “Excelsior’s experience and disciplined investment strategy align well with DBJ’s long-term investment priorities in the renewable energy sector.”

Global Support from Institutional Investors

The fund’s investor base includes pension plans, insurance companies, fund-of-funds, asset managers, endowments, and family offices, alongside strong re-commitments from investors in Fund I, which closed in 2021 at $504 million and is now fully deployed across 16 investments, including wind, solar, and storage projects.

“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,” said Alex Ellis, Co-Founder and Partner at Excelsior.

Building a Resilient Future through Renewable Energy

The success of Fund II is not only a reflection of Excelsior’s growing influence in the renewable energy market but also a critical step toward accelerating the global energy transition.

With substantial investments already underway and a robust pipeline of future opportunities, Excelsior is poised to continue its leadership role in driving sustainable infrastructure projects that are essential for building cleaner, more resilient energy systems.

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