Excelsior Energy Capital Offloads Solar and Solar Plus Storage Sub-Portfolio to BlackRock

Excelsior Energy Capital (“Excelsior”), a prominent investor in renewable energy infrastructure, has disclosed the sale of 38 solar energy and solar plus storage projects from its Fund I portfolio to BlackRock’s Evergreen Infrastructure Partners Fund. This transaction involved Excelsior divesting its complete stake.

The sale to BlackRock represents Excelsior’s first exit from its inaugural fund, Excelsior Renewable Energy Investment Fund I LP. The fund, which launched seven years ago and attracted capital commitments above its $500M target, has invested in solar, wind, and battery storage projects across 10 U.S. states. Fund assets support the generation of more than 3,000 GWh of renewable energy annually at steady-state operations.

Since its founding in 2017, Excelsior has leveraged deep industry expertise to execute middle-market renewable energy infrastructure investments, serving a large and growing – but still fragmented – market targeting low-risk, long-term, stable yields with low correlation to other asset classes.

The project portfolio comprises solely operational solar and battery storage distributed generation projects, with a total nameplate capacity of 89 MWDC.

“This successful exit marks a proud milestone for the Excelsior team and validates our differentiated strategy for addressing North American renewable power generation,” said Chris Moakley, Managing Partner of Excelsior. Co-Founder and Partner Anne Marie Denman added, “The sale confirms Excelsior’s ability to successfully manage the full life-cycle of an investment from origination through to realization.”

“We believe this diversified portfolio of long-term contracted commercial and industrial solar and storage projects represents an attractive platform investment for the core, open-ended Evergreen fund,” added James Berner, Managing Director and Head of the Americas for BlackRock’s Evergreen Infrastructure Partners Fund. “This investment, sourced from a strong existing relationship across BlackRock Infrastructure with Excelsior, epitomizes the fund’s strategy of investing in long-dated infrastructure platforms with potential future growth well aligned with the energy transition and energy security.”