Excelsior Energy Capital Achieves Successful Sale of Solar and Solar Plus Storage Sub-Portfolio to BlackRock’s Evergreen Infrastructure Partners Fund

A leading investor in renewable energy infrastructure announced the sale of 38 solar energy and solar plus storage projects from its Fund I portfolio to BlackRock’s Evergreen Infrastructure Partners Fund. This divestment marks Excelsior’s inaugural fund’s first exit, launched seven years ago with capital commitments surpassing its $500 million target. The portfolio, spanning 10 U.S. states, supports the generation of over 3,000 GWh of renewable energy annually.

Founded in 2017, Excelsior has excelled in executing middle-market renewable energy infrastructure investments. Chris Moakley, Managing Partner, expressed pride in the team’s achievement, affirming their unique strategy in addressing North American renewable power generation. Co-Founder and Partner Anne Marie Denman emphasized the sale as validation of Excelsior’s ability to manage investments from origination to realization effectively.

The project portfolio comprises operational solar and battery storage distributed generation projects, totaling 89 MWDC. This distinct sub-portfolio allowed for a separate exit from Excelsior’s other utility-scale assets within Fund I.

BlackRock’s Evergreen fund views the diversified portfolio as an attractive platform investment, aligning with its strategy of investing in long-dated infrastructure platforms. James Berner, Managing Director of BlackRock’s Evergreen Infrastructure Partners Fund, highlighted the investment’s alignment with the energy transition and energy security.

Excelsior received advisory support from Akin Gump, Morgan Stanley, and KeyBanc Capital Markets during the sale process. BlackRock was advised by Latham & Watkins, KPMG, Natural Power, and Thorndike Landing.