Excelsior Energy Capital, a leading independent renewable energy investor in North America, has announced the final close of its Excelsior Renewable Energy Investment Fund II, LP (Fund II), securing total capital commitments of just over $1 billion. This amount surpasses the fund’s original target of $750 million, demonstrating strong investor confidence in Excelsior’s strategy. Fund II will continue to focus on making equity investments in solar, energy storage, wind, and other energy transition projects throughout the United States, in line with Excelsior’s established investment approach.
The success of Fund II is anchored by the Development Bank of Japan Inc. (DBJ) and has attracted a diverse group of limited partner investors from across the United States, Japan, Europe, Australia, and the Middle East. The fund has received significant support from returning investors from Fund I, alongside a broad mix of new institutional investors. These include pension plans, insurance companies, fund-of-funds, diversified asset managers, endowments, family offices, and others, reflecting a strong and varied base of financial backing.
Chris Moakley, Managing Partner of Excelsior Energy Capital, remarked, “We’re proud to build on the success of our inaugural fund and grateful for the trust our investors have placed in us. 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.”
Alex Ellis, Co-Founder and Partner of Excelsior Energy Capital, stated, “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. 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.”
Shunsuke Motai, Senior Vice President at Development Bank of Japan Inc., mentioned, “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. Excelsior’s experience and disciplined investment strategy align well with DBJ’s long-term investment priorities in the renewable energy sector.”
As of now, Fund II is already more than 50% deployed, with capital committed to 15 investments across solar and battery energy storage projects. These investments represent a combined 2.25 gigawatts of generation capacity, underscoring Excelsior’s active role in advancing the renewable energy transition. In addition, Excelsior has established Lydian Energy as its first portfolio company under Fund II.
Lydian Energy focuses on the development and construction of utility-scale solar and battery energy storage system projects throughout North America. The company currently has three large-scale projects under construction, all scheduled to become operational within the year. Since its formation, Lydian has expanded rapidly and now employs approximately 50 professionals, playing a central role in Excelsior’s platform growth strategy.
Excelsior’s previous fund, Fund I, closed in 2021 with commitments of $504 million and has been fully deployed across 16 investments totaling 1.95 gigawatts of wind, solar, and storage assets. Sidley Austin LLP provided legal counsel to Excelsior for Fund II, led by Partner Patrick Michel and Senior Managing Associate Ellen Murphy. Placement agent services were offered by DBJ Securities Co. Ltd., Probitas Partners, and The Trinity Group, supporting Excelsior in successfully achieving and exceeding its fundraising goals.
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