- $1B final close significantly exceeds $750M target, marking a strong vote of confidence from global institutional investors in Excelsior’s energy transition strategy.
- Over 50% of Fund II already deployed across 15 projects totaling 2.25 GW of solar and battery storage capacity.
- Development Bank of Japan anchors the fund, with global LP support from the U.S., Japan, Europe, Australia, and the Middle East.
Excelsior Energy Capital, a leading independent renewable energy investor in North America, announced the final close of its Excelsior Renewable Energy Investment Fund II, LP at just over $1 billion, exceeding its original $750 million target.
The success of Fund II builds on the firm’s momentum in clean energy investing, as it continues to back solar, wind, energy storage, and broader energy transition infrastructure across the United States.
“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. 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.”
The fund’s diversified investor base spans institutional capital from the U.S., Japan, Europe, Australia, and the Middle East, including pension plans, insurance companies, fund-of-funds, asset managers, endowments, and family offices. It also received strong re-commitments from investors in Fund I, which closed in 2021 at $504 million and is now fully deployed across 16 investments totaling 1.95 GW in wind, solar, and storage projects.
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“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,” said Alex Ellis, Co-Founder and Partner at Excelsior. “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.”
Currently, over 50% of Fund II’s capital is deployed, with commitments made to 15 investments totaling 2.25 GW of generation capacity. The fund also launched Lydian Energy, its first portfolio company under Fund II. Lydian develops and constructs utility-scale solar and battery energy storage system (BESS) projects across North America, with three large-scale projects now under construction and slated to come online this year. The company has rapidly scaled to a team of 50 professionals, forming a critical pillar of Excelsior’s platform expansion.
“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 Inc. (DBJ). “Excelsior’s experience and disciplined investment strategy align well with DBJ’s long-term investment priorities in the renewable energy sector.”
Legal counsel for the fund was provided by Sidley Austin LLP, led by Partner Patrick Michel and Senior Managing Associate Ellen Murphy. Placement agent services were delivered by DBJ Securities Co. Ltd., Probitas Partners, and The Trinity Group.
Excelsior’s closing of Fund II signals continued investor appetite for scalable clean energy assets and reinforces the role of private capital in driving the U.S. energy transition.
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