Excelsior Vitality Capital has bought a 38 photo voltaic power and photo voltaic plus storage venture portfolio to BlackRock’s Evergreen Infrastructure Companions Fund, divesting its complete stake as a part of the transaction.
The venture portfolio consists of operational photo voltaic and battery storage distributed technology initiatives with a complete nameplate capability of 89 MW. This transaction is the corporate’s first exit from its inaugural fund, Excelsior Renewable Vitality Funding Fund I, which launched seven years in the past and has invested in renewable initiatives throughout ten U.S. states.
“This profitable exit marks a proud milestone for the Excelsior staff and validates our differentiated technique for addressing North American renewable energy technology,” says Chris Moakley, managing companion at Excelsior.
Excelsior was suggested by Akin Gump, led by companion Dan Lynch, in addition to Morgan Stanley and KeyBanc Capital Markets all through the sale course of. Latham & Watkins, together with KPMG, Pure Energy and Thorndike Touchdown suggested BlackRock.
