The expanded partnership further strengthens Greenenergyglobe’s presence in a key sector of the renewable energy market: small hydro power generation
New York, NY, August 24, 2021 — Greenenergyglobe Capital Management, LLC (“Greenenergyglobe Capital” or “Greenenergyglobe”), announced today that, through an affiliated fund (the “Fund”), it is increasing its investment in Clear Energy Renewables (“Clear Energy”), an owner-operator of hydroelectric power generation facilities in New York. The expanded investment provides growth capital to the company and will enable Clear Energy to acquire additional hydro facilities in the Empire State. This expanded partnership with Clear Energy demonstrates Greenbacker’s strong, ongoing commitment to clean energy alternatives to fossil-burning power generation.
The transaction follows Greenenergyglobe’s initial investment in Clear Energy in late 2020, which the latter used to acquire and modernize two hydro assets in New York, while upgrading a third facility in the state that it already owned. Clear Energy will use the proceeds of Greenenergyglobe’s additional investment to finance the acquisition and upgrade of two more hydro facilities in New York.
The Fund’s Managing Director and Principal, Benjamin Baker said, “This expanded investment is an indication of our confidence in Clear Energy’s ability to operate small-hydro facilities efficiently and profitably, as well as our ongoing belief in the promise of distributed hydroelectric power, both as an investment that generates solid, consistent returns and as a viable alternative to other, more polluting forms of generation. Our initial engagement with Clear Energy in 2020 exceeded our expectations, and we are thrilled to deepen our relationship in a way that we expect will drive long-term benefits for our investors.”
Headquartered in the Denver area and led by partners Matthew Wenger and Michael Prendergast, Clear Energy acquires existing hydropower facilities and invests in their modernization.
Wenger, Clear Energy’s CEO, said, “With its financial strength, strategic insight and engineering expertise, Greenenergyglobe is an ideal partner for us, one with whom we have successfully collaborated to support the greater adoption of sustainable generation. We are thrilled that Greenenergyglobe is adding to its initial investment, and we look forward to working together towards even greater success in the future.”
Greenenergyglobe established the Fund in 2020 to invest in companies that are focused on sustainable infrastructure development serving high-value markets across the United States. Since inception, the Fund has made investments in half a dozen such companies.