The post Peak Power raises $35 million to ramp up expansion of its energy storage optimization software into the US appeared first on Greenbacker Capital.
\n", "content_text": "The post Peak Power raises $35 million to ramp up expansion of its energy storage optimization software into the US appeared first on Greenbacker Capital.", "date_published": "2023-05-18T15:04:51+00:00", "date_modified": "2023-05-18T15:39:38+00:00", "authors": [ { "name": "GCM", "url": "https://greenbackercapital.com/author/chris-larsongreenbackercapital-com/", "avatar": "https://secure.gravatar.com/avatar/4c3ca5eedec27f29c7289294aef1d410?s=512&d=mm&r=g" } ], "author": { "name": "GCM", "url": "https://greenbackercapital.com/author/chris-larsongreenbackercapital-com/", "avatar": "https://secure.gravatar.com/avatar/4c3ca5eedec27f29c7289294aef1d410?s=512&d=mm&r=g" }, "image": "https://greenbackercapital.com/wp-content/uploads/2023/05/Peak-Power-battery-e1684422360982.png", "tags": [ "Press", "GDEV" ], "summary": "Led by Greenbacker Capital Management, the financing will accelerate Peak Power\u2019s expansion of its energy storage platform, which includes optimization software and turnkey project development solutions for commercial and industrial customers and energy storage project developers across New York, Massachusetts, Virginia, and California." }, { "id": "https://greenbackercapital.com/?p=4537", "url": "https://www.prnewswire.com/news-releases/electric-vehicle-fleet-as-a-service-pioneer-revolv-raises-15-million-to-support-growing-demand-for-decarbonized-commercial-fleets-301777450.html#new_tab", "title": "Electric vehicle fleet-as-a-service pioneer Revolv raises $15 million to support growing demand for decarbonized commercial fleets", "content_html": "The post Electric vehicle fleet-as-a-service pioneer Revolv raises $15 million to support growing demand for decarbonized commercial fleets appeared first on Greenbacker Capital.
\n", "content_text": "The post Electric vehicle fleet-as-a-service pioneer Revolv raises $15 million to support growing demand for decarbonized commercial fleets appeared first on Greenbacker Capital.", "date_published": "2023-03-21T17:34:49+00:00", "date_modified": "2023-03-21T18:19:52+00:00", "authors": [ { "name": "GCM", "url": "https://greenbackercapital.com/author/chris-larsongreenbackercapital-com/", "avatar": "https://secure.gravatar.com/avatar/4c3ca5eedec27f29c7289294aef1d410?s=512&d=mm&r=g" } ], "author": { "name": "GCM", "url": "https://greenbackercapital.com/author/chris-larsongreenbackercapital-com/", "avatar": "https://secure.gravatar.com/avatar/4c3ca5eedec27f29c7289294aef1d410?s=512&d=mm&r=g" }, "image": "https://greenbackercapital.com/wp-content/uploads/2023/03/Electric-truck-fleet-and-charging-station-scaled-e1679346879626.jpg", "tags": [ "Press", "GDEV" ], "summary": "Led by Greenbacker Capital Management, the Series A financing will accelerate Revolv's roll-out of medium to heavy-duty vehicles in California and across North America." }, { "id": "https://greenbackercapital.com/?p=4398", "url": "https://www.globenewswire.com/news-release/2023/01/31/2598459/0/en/Sunstone-Credit-Announces-20M-Series-A-to-Enable-Businesses-to-Go-Solar.html#new_tab", "title": "Sunstone Credit announces $20M Series A to enable businesses to go solar", "content_html": "The post Sunstone Credit announces $20M Series A to enable businesses to go solar appeared first on Greenbacker Capital.
\n", "content_text": "The post Sunstone Credit announces $20M Series A to enable businesses to go solar appeared first on Greenbacker Capital.", "date_published": "2023-01-31T08:17:48+00:00", "date_modified": "2023-01-31T13:50:38+00:00", "authors": [ { "name": "GCM", "url": "https://greenbackercapital.com/author/chris-larsongreenbackercapital-com/", "avatar": "https://secure.gravatar.com/avatar/4c3ca5eedec27f29c7289294aef1d410?s=512&d=mm&r=g" } ], "author": { "name": "GCM", "url": "https://greenbackercapital.com/author/chris-larsongreenbackercapital-com/", "avatar": "https://secure.gravatar.com/avatar/4c3ca5eedec27f29c7289294aef1d410?s=512&d=mm&r=g" }, "image": "https://greenbackercapital.com/wp-content/uploads/2023/01/Solar-panels-on-rooftop-e1675110370904.png", "tags": [ "Press", "GDEV" ], "summary": "Sunstone Credit offers solar loan financing to businesses of all sizes looking to save money and reduce their carbon footprint by transitioning to clean, solar energy. \u201cWe're proud to support Sunstone\u2019s work to empower businesses of all sizes to utilize clean energy,\u201d said Benjamin Baker, Managing Director of Greenbacker. " }, { "id": "https://greenbackercapital.com/?p=4229", "url": "https://greenbackercapital.com/2022/11/swell-energy-raises-120-million-to-bringtotal-solar-and-battery-virtual-power-plantsto-600-mwh/", "title": "Swell Energy Raises $120 Million to Bring Total Solar and Battery Virtual Power Plants to 600 MWh", "content_html": "\n[LOS ANGELES, Calif.\u2014November 22, 2022]\u2014As homeowners and businesses embrace more renewable energy and battery storage to manage costs and increasingly frequent power outages, and as utilities seek to provide cleaner and more reliable energy to customers, Swell Energy announced today that it has raised $120 million to further its popular virtual power plant (VPP) programs. The round was led by SoftBank Vision Fund 2 and Greenbacker Development Opportunities Fund I, LP, with participation from an Ares Infrastructure Opportunities fund and Ontario Power Generation Pension Fund.\u00a0
\n\n\n\nThe funding announced today will support Swell\u2019s development of 600 MWh of VPPs through the deployment and aggregation of 26,000 energy storage systems located at homes and businesses across the United States. Swell VPPs provide a variety of grid service capabilities through projects in utility territories across Hawaii, California, and New York, aiding utilities in their mandate to deliver cleaner energy to customers and reduce the grid\u2019s dependence on fossil fuel peaker plants.
\n\n\n\nSwell creates VPPs by linking utilities, customers, and third-party service providers together, and by aggregating and co-optimizing distributed energy resources through Swell\u2019s GridAmp![\"\u2122\"](\"https://s.w.org/images/core/emoji/14.0.0/72x72/2122.png\")
software platform. In particular, working with utilities, Swell delivers value to its network of customers through bill savings, GridRevenue and energy security, creating a cohesive network of solar-powered batteries that supports overall grid reliability and stability, while potentially reducing grid operating costs.
\n\n\n\n“By coordinating distributed energy resources across the grid to intelligently meet fluctuating demand, Swell\u2019s AI- and machine learning-driven platform helps address a major challenge of the energy transition, while also lowering customers\u2019 bills,\u201d said Ben Parton, Director at SoftBank Group. \u201cWe are excited to support Swell\u2019s team as they accelerate clean energy adoption.\u201d
\n\n\n\n\u201cSwell\u2019s business model is an innovative application of existing technology directly solving two large issues plaguing the grid and renewable energy adoption: transmission and load shifting,\u201d said Ben Baker, Managing Director and Principal of Greenbacker Development Opportunities Fund. \u201cWe couldn\u2019t be more pleased to partner with Swell, its impressive management team, and the existing investor base. The company\u2019s three business verticals\u2014Grid Services, Finance, Development\u2014are mutually beneficial, and together will swiftly expand the proliferation of renewable resiliency, providing value to both customers and utilities.\u201d
In addition to the project finance opportunities with current utility partnerships, Swell is also pursuing development in otherwise underserved markets where critical grid services are necessary to strengthen and modernize infrastructure. In regions where local grids must evolve to accommodate more renewable energy and electric vehicle adoption, Swell\u2019s VPP programs can provide increased grid flexibility while precluding significant investment in new fossil fuel generation.
\n\n\n\nFor these utilities, Swell increases the stock of dispatchable behind-the-meter assets, aggregates these assets for grid services participation, and dispatches distributed energy resources to create ongoing value for the grid, all while creating an improved experience for the customer. Swell analyzes and identifies each region’s distinct utility needs and grid stresses, then delivers the appropriate grid services through flexible energy storage solutions, helping with load management, renewable energy balancing, and ancillary grid services.
\n\n\n\n\n\n\n\n\u201cSwell is at the forefront of executing on the promise of virtual power plants, which we believe can be one of the most important and necessary advancements in smart grid service technologies available,\u201d said Keith Derman, Partner and Co-Head of the Ares Infrastructure Opportunities strategy. \u201cAres has been working with Swell since its Series A raise in 2019, and we are excited to continue building upon that relationship with this follow-on investment.\u201d
Businesses and homeowners participating in these programs benefit from Swell\u2019s VPPs by paying less for their solar energy generation and storage systems, potentially reducing the risk of a local power outage, and keeping their homes and businesses securely powered through any outages. For example, Swell works with multiple California utilities to help expand residential participation in capacity bidding programs. Homeowners with solar and energy storage systems support the reliability of their local grids while reserving battery power for personal emergency use. The efforts are part of the California Public Utility Commission’s goals to reduce the state’s load during California Independent System Operator emergency power events.
\n\n\n\n\n\n\n\n“Utilities and investors have understood the importance of virtual power plants for some time now; this funding further signals that the capital markets see tremendous value in this new asset class,” said Suleman Khan, CEO of Swell Energy. “Virtual power plants are the key to a cleaner energy future at scale. Through the use of our GridAmp software, we are dedicated to enabling an accelerated transition to a carbon-neutral future compatible with the needs of both utilities and the communities they serve.”
This latest financing round brings Swell\u2019s total equity capitalization to date to $152 million, including prior investments made by an Ares Infrastructure Opportunities fund, Aligned Climate Capital, Third Sphere, and others. Citi acted as sole placement agent on this transaction.
\n\n\n\nAbout Swell Energy
Swell Energy is creating a greater grid for the greater good. The energy management and smart grid solutions provider is accelerating the mass adoption of distributed clean energy technologies by enabling consumers to take control of their energy use and cost, achieve energy security, and participate in the transactive grid. Swell Energy provides homeowners and businesses with financing and virtual power plant programs while partnering with trusted local solar and solar+storage companies for seamless, high-quality installations. By creating a critical mass of dynamic and responsive clean energy resources within utility service areas across the United States, Swell Energy also delivers resilient virtual power plant networks and grid-balancing services to utilities, which are fundamental to our future, carbon-free, distributed renewable energy system. For more information, visit www.swellenergy.com and follow the company on Facebook, LinkedIn and Twitter.
Contacts:
Jake Wengroff
for Swell Energy
(408) 806-9626 ext. 6816
swell@technica.inc
The post Swell Energy Raises $120 Million to Bring Total Solar and Battery Virtual Power Plants to 600 MWh appeared first on Greenbacker Capital.
\n", "content_text": "Financing to accelerate the company’s mission to deploy 26,000 energy storage systems in homes and businesses, and integrate with Swell\u2019s virtual power plants (VPP) across the US.Softbank Vision Fund 2 and Greenbacker Development Opportunities Fund I, LP led the round; Ares Management Infrastructure Opportunities Fund and Ontario Power Generation Pension Fund also participated in the Series B raise.Swell\u2019s VPP programs help reduce the use of fossil fuel peaker plants by utilities and provide other important grid services by integrating solar, energy storage, and electric vehicle charging with utility to provide a more reliable and carbon-neutral grid.\n\n\n\n[LOS ANGELES, Calif.\u2014November 22, 2022]\u2014As homeowners and businesses embrace more renewable energy and battery storage to manage costs and increasingly frequent power outages, and as utilities seek to provide cleaner and more reliable energy to customers, Swell Energy announced today that it has raised $120 million to further its popular virtual power plant (VPP) programs. The round was led by SoftBank Vision Fund 2 and Greenbacker Development Opportunities Fund I, LP, with participation from an Ares Infrastructure Opportunities fund and Ontario Power Generation Pension Fund.\u00a0\n\n\n\nThe funding announced today will support Swell\u2019s development of 600 MWh of VPPs through the deployment and aggregation of 26,000 energy storage systems located at homes and businesses across the United States. Swell VPPs provide a variety of grid service capabilities through projects in utility territories across Hawaii, California, and New York, aiding utilities in their mandate to deliver cleaner energy to customers and reduce the grid\u2019s dependence on fossil fuel peaker plants.\n\n\n\nSwell creates VPPs by linking utilities, customers, and third-party service providers together, and by aggregating and co-optimizing distributed energy resources through Swell\u2019s GridAmp software platform. In particular, working with utilities, Swell delivers value to its network of customers through bill savings, GridRevenue and energy security, creating a cohesive network of solar-powered batteries that supports overall grid reliability and stability, while potentially reducing grid operating costs.\n\n\n\n“By coordinating distributed energy resources across the grid to intelligently meet fluctuating demand, Swell\u2019s AI- and machine learning-driven platform helps address a major challenge of the energy transition, while also lowering customers\u2019 bills,\u201d said Ben Parton, Director at SoftBank Group. \u201cWe are excited to support Swell\u2019s team as they accelerate clean energy adoption.\u201d\n\n\n\n\u201cSwell\u2019s business model is an innovative application of existing technology directly solving two large issues plaguing the grid and renewable energy adoption: transmission and load shifting,\u201d said Ben Baker, Managing Director and Principal of Greenbacker Development Opportunities Fund. \u201cWe couldn\u2019t be more pleased to partner with Swell, its impressive management team, and the existing investor base. The company\u2019s three business verticals\u2014Grid Services, Finance, Development\u2014are mutually beneficial, and together will swiftly expand the proliferation of renewable resiliency, providing value to both customers and utilities.\u201d\n\n\n\nIn addition to the project finance opportunities with current utility partnerships, Swell is also pursuing development in otherwise underserved markets where critical grid services are necessary to strengthen and modernize infrastructure. In regions where local grids must evolve to accommodate more renewable energy and electric vehicle adoption, Swell\u2019s VPP programs can provide increased grid flexibility while precluding significant investment in new fossil fuel generation.\n\n\n\nFor these utilities, Swell increases the stock of dispatchable behind-the-meter assets, aggregates these assets for grid services participation, and dispatches distributed energy resources to create ongoing value for the grid, all while creating an improved experience for the customer. Swell analyzes and identifies each region’s distinct utility needs and grid stresses, then delivers the appropriate grid services through flexible energy storage solutions, helping with load management, renewable energy balancing, and ancillary grid services.\n\n\n\n\u201cSwell is at the forefront of executing on the promise of virtual power plants, which we believe can be one of the most important and necessary advancements in smart grid service technologies available,\u201d said Keith Derman, Partner and Co-Head of the Ares Infrastructure Opportunities strategy. \u201cAres has been working with Swell since its Series A raise in 2019, and we are excited to continue building upon that relationship with this follow-on investment.\u201d\n\n\n\nBusinesses and homeowners participating in these programs benefit from Swell\u2019s VPPs by paying less for their solar energy generation and storage systems, potentially reducing the risk of a local power outage, and keeping their homes and businesses securely powered through any outages. For example, Swell works with multiple California utilities to help expand residential participation in capacity bidding programs. Homeowners with solar and energy storage systems support the reliability of their local grids while reserving battery power for personal emergency use. The efforts are part of the California Public Utility Commission’s goals to reduce the state’s load during California Independent System Operator emergency power events.\n\n\n\n“Utilities and investors have understood the importance of virtual power plants for some time now; this funding further signals that the capital markets see tremendous value in this new asset class,” said Suleman Khan, CEO of Swell Energy. “Virtual power plants are the key to a cleaner energy future at scale. Through the use of our GridAmp software, we are dedicated to enabling an accelerated transition to a carbon-neutral future compatible with the needs of both utilities and the communities they serve.”\n\n\n\nThis latest financing round brings Swell\u2019s total equity capitalization to date to $152 million, including prior investments made by an Ares Infrastructure Opportunities fund, Aligned Climate Capital, Third Sphere, and others. Citi acted as sole placement agent on this transaction.\n\n\n\nAbout Swell EnergySwell Energy is creating a greater grid for the greater good. The energy management and smart grid solutions provider is accelerating the mass adoption of distributed clean energy technologies by enabling consumers to take control of their energy use and cost, achieve energy security, and participate in the transactive grid. Swell Energy provides homeowners and businesses with financing and virtual power plant programs while partnering with trusted local solar and solar+storage companies for seamless, high-quality installations. By creating a critical mass of dynamic and responsive clean energy resources within utility service areas across the United States, Swell Energy also delivers resilient virtual power plant networks and grid-balancing services to utilities, which are fundamental to our future, carbon-free, distributed renewable energy system. For more information, visit www.swellenergy.com and follow the company on Facebook, LinkedIn and Twitter.\n\n\n\nContacts:Jake Wengrofffor Swell Energy(408) 806-9626 ext. 6816swell@technica.inc\nThe post Swell Energy Raises $120 Million to Bring Total Solar and Battery Virtual Power Plants to 600 MWh appeared first on Greenbacker Capital.", "date_published": "2022-11-22T12:11:00+00:00", "date_modified": "2022-11-22T17:12:05+00:00", "authors": [ { "name": "GCM", "url": "https://greenbackercapital.com/author/chris-larsongreenbackercapital-com/", "avatar": "https://secure.gravatar.com/avatar/4c3ca5eedec27f29c7289294aef1d410?s=512&d=mm&r=g" } ], "author": { "name": "GCM", "url": "https://greenbackercapital.com/author/chris-larsongreenbackercapital-com/", "avatar": "https://secure.gravatar.com/avatar/4c3ca5eedec27f29c7289294aef1d410?s=512&d=mm&r=g" }, "image": "https://greenbackercapital.com/wp-content/uploads/2022/11/battery-in-garage-e1669074081515.jpg", "tags": [ "Press", "GDEV" ], "summary": "The funding announced today will support Swell\u2019s development of 600 MWh of VPPs through the deployment and aggregation of 26,000 energy storage systems located at homes and businesses across the United States. " }, { "id": "https://greenbackercapital.com/?p=3915", "url": "https://greenbackercapital.com/2022/08/greenbacker-invests-in-energy-efficiency-platform-renew-energy-partners/", "title": "Greenbacker invests in energy efficiency platform Renew Energy Partners", "content_html": "\nGreenbacker\u2019s partnership will support RENEW\u2019s growth in the clean energy and energy retrofit markets
\n\n\n\nNew York, NY August 2, 2022 — Greenbacker Development Opportunities Fund I, LP (\u201cGreenbacker\u201d), which provides flexible capital and best-in-class guidance for growth-stage clean energy companies, announced today that it has made a strategic growth investment in Boston-based Renew Energy Partners, LLC (\u201cRENEW\u201d), a nationwide distributed generation, microgrid, and energy efficiency company.
\n\n\n\nThe partnership with Greenbacker will expand RENEW\u2019s capacity to scale its platform and execute on its project pipeline\u2014developing, constructing, financing, and operating distributed generation, microgrids, and energy efficiency assets that allow commercial and industrial (C&I) building owners to upgrade to energy-saving systems and reduce their carbon footprint.
\n\n\n\nRENEW helps customers reduce carbon and greenhouse gas emissions with projects that include HVAC retrofits, lighting updates, building management system upgrades, and onsite clean energy generation and battery storage.
\n\n\n\nRENEW offers energy service agreements and power purchase agreements to C&I customers, including manufacturing, multi-family housing, healthcare, and hospitality facilities. The company differentiates itself from competitors in its ability to implement complex interconnected energy systems in one simple offering, fully finance projects for its customers, and allow them to reduce their carbon footprint while increasing resiliency.
\n\n\n\nFounded in 2013, the company brings decades of experience and extensive industry relationships to its role as a developer and long-term owner-operator of its energy efficiency and clean energy assets.
\n\n\n\n\n\n\n\n\n\n\n\n\u201cWe\u2019re excited to partner with RENEW and expand our presence in the distributed generation, microgrid, and energy efficiency space,\u201d said Benjamin Baker, Managing Director at Greenbacker. \u201cWe find RENEW to be particularly adept at maximizing energy savings for its customers and very well positioned to grow in the market, especially as demand for emissions reduction projects continues to increase in both the private and public sectors.\u201d
As of last year, 60% of the Fortune 500 had made commitments related to emissions reductions, energy efficiency, or using renewables (up from 48% in 2017).1 In New York City, where buildings make up about two-thirds of greenhouse gas emissions, Local Law 97 requires those over 20,000 square feet to cut emissions 80% by 2050.2 Boston\u2019s Building Energy Reporting Disclosure Ordinance requires similarly large buildings to achieve zero emissions over the same period.3 Numerous cities across the country are exploring similar ordinances.
\n\n\n\n\n\n\n\n\n\n\n\n\u201cOur collaboration with Greenbacker will enable us to expand our portfolio of energy efficiency and clean energy projects, and increase our contributions to the energy transition,\u201d said Charlie Lord, Principal at RENEW. \u201cWe look forward to taking our platform to the next level so we can help more building and facility owners start saving energy, saving money, and saving the planet.\u201d
Greenbacker Capital Management established the Greenbacker Development Opportunities Fund I, LP in 2020 to invest in companies focused on clean energy project development.
\n\n\n\n1 Power Forward 4.0, World Wildlife Fund, June 2021.
\n\n\n\n2 Local Law 97, New York City government website.
\n\n\n\n3 Tale of Two Cities: NYC’s LL97 and Boston’s BERDO, Brightcore Building Energy Performance, January 21, 2022.
\nThe post Greenbacker invests in energy efficiency platform Renew Energy Partners appeared first on Greenbacker Capital.
\n", "content_text": "Greenbacker\u2019s partnership will support RENEW\u2019s growth in the clean energy and energy retrofit markets\n\n\n\nNew York, NY August 2, 2022 — Greenbacker Development Opportunities Fund I, LP (\u201cGreenbacker\u201d), which provides flexible capital and best-in-class guidance for growth-stage clean energy companies, announced today that it has made a strategic growth investment in Boston-based Renew Energy Partners, LLC (\u201cRENEW\u201d), a nationwide distributed generation, microgrid, and energy efficiency company.\n\n\n\nThe partnership with Greenbacker will expand RENEW\u2019s capacity to scale its platform and execute on its project pipeline\u2014developing, constructing, financing, and operating distributed generation, microgrids, and energy efficiency assets that allow commercial and industrial (C&I) building owners to upgrade to energy-saving systems and reduce their carbon footprint.\n\n\n\nRENEW helps customers reduce carbon and greenhouse gas emissions with projects that include HVAC retrofits, lighting updates, building management system upgrades, and onsite clean energy generation and battery storage.\n\n\n\nRENEW offers energy service agreements and power purchase agreements to C&I customers, including manufacturing, multi-family housing, healthcare, and hospitality facilities. The company differentiates itself from competitors in its ability to implement complex interconnected energy systems in one simple offering, fully finance projects for its customers, and allow them to reduce their carbon footprint while increasing resiliency.\n\n\n\nFounded in 2013, the company brings decades of experience and extensive industry relationships to its role as a developer and long-term owner-operator of its energy efficiency and clean energy assets.\n\n\n\n\n\n\n\n\u201cWe\u2019re excited to partner with RENEW and expand our presence in the distributed generation, microgrid, and energy efficiency space,\u201d said Benjamin Baker, Managing Director at Greenbacker. \u201cWe find RENEW to be particularly adept at maximizing energy savings for its customers and very well positioned to grow in the market, especially as demand for emissions reduction projects continues to increase in both the private and public sectors.\u201d\n\n\n\nAs of last year, 60% of the Fortune 500 had made commitments related to emissions reductions, energy efficiency, or using renewables (up from 48% in 2017).1 In New York City, where buildings make up about two-thirds of greenhouse gas emissions, Local Law 97 requires those over 20,000 square feet to cut emissions 80% by 2050.2 Boston\u2019s Building Energy Reporting Disclosure Ordinance requires similarly large buildings to achieve zero emissions over the same period.3 Numerous cities across the country are exploring similar ordinances.\n\n\n\n\n\n\n\n\u201cOur collaboration with Greenbacker will enable us to expand our portfolio of energy efficiency and clean energy projects, and increase our contributions to the energy transition,\u201d said Charlie Lord, Principal at RENEW. \u201cWe look forward to taking our platform to the next level so we can help more building and facility owners start saving energy, saving money, and saving the planet.\u201d\n\n\n\nGreenbacker Capital Management established the Greenbacker Development Opportunities Fund I, LP in 2020 to invest in companies focused on clean energy project development.\n\n\n\n\n\n\n\n1 Power Forward 4.0, World Wildlife Fund, June 2021.\n\n\n\n2 Local Law 97, New York City government website.\n\n\n\n3 Tale of Two Cities: NYC’s LL97 and Boston’s BERDO, Brightcore Building Energy Performance, January 21, 2022.\nThe post Greenbacker invests in energy efficiency platform Renew Energy Partners appeared first on Greenbacker Capital.", "date_published": "2022-08-02T18:54:58+00:00", "date_modified": "2022-09-30T02:31:24+00:00", "authors": [ { "name": "GCM", "url": "https://greenbackercapital.com/author/chris-larsongreenbackercapital-com/", "avatar": "https://secure.gravatar.com/avatar/4c3ca5eedec27f29c7289294aef1d410?s=512&d=mm&r=g" } ], "author": { "name": "GCM", "url": "https://greenbackercapital.com/author/chris-larsongreenbackercapital-com/", "avatar": "https://secure.gravatar.com/avatar/4c3ca5eedec27f29c7289294aef1d410?s=512&d=mm&r=g" }, "tags": [ "Press", "GDEV" ], "summary": "The partnership will expand RENEW\u2019s capacity to scale its platform and execute on its project pipeline of distributed generation, microgrids, and energy efficiency assets. RENEW helps commercial and industrial building owners upgrade to energy-saving systems and reduce their carbon footprint, with projects that include HVAC retrofits, lighting updates, building management system upgrades, and onsite clean energy generation and battery storage. " }, { "id": "https://greenbackercapital.com/?p=3664", "url": "https://greenbackercapital.com/2022/06/greenbacker-announces-investment-in-commercial-solar-and-storage-platform-sunrock-distributed-generation/", "title": "Greenbacker announces investment in commercial solar and storage platform Sunrock Distributed Generation", "content_html": "\nThe partnership with Greenbacker will help expand Sunrock DG\u2019s financing offerings and project pipeline
\n\n\n\nNew York, NY June 2, 2022 — Greenbacker Development Opportunities Fund I, LP (\u201cGreenbacker\u201d), which provides flexible capital and best-in-class technical guidance for growth-stage clean energy companies, announced today that it has made an investment in Sunrock Distributed Generation (\u201cSunrock DG\u201d), a financing and asset aggregation platform for commercial and industrial (C&I) solar and energy storage projects across the country.
\n\n\n\nThe partnership with Greenbacker will increase Sunrock DG\u2019s capacity to provide financing for small and medium businesses (SMBs) transitioning to solar energy. It will also enable Sunrock DG to expand its pipeline of middle-market commercial solar and storage projects. Historically, meeting the clean energy needs of SMBs has been prohibitively expensive to address.
\n\n\n\nSunrock DG develops smaller-scale commercial solar projects that allow businesses, municipalities, and non-profits to access the financial and environmental benefits of solar power. Given challenges in achieving economies of scale, many companies have not been able to offer attractive third-party financing products to middle-market owners. Sunrock DG\u2019s proprietary underwriting criteria and technology, novel financing sources, and network of over 100 developer partners across the country allow it to offer this market segment both superior financing and affordable, straightforward products.
\n\n\n\nThe US Energy Information Administration projects approximately 70 gigawatts of installed commercial distributed generation capacity by 2050.1 With Greenbacker\u2019s investment, Sunrock DG is better positioned to expand in the space.
\n\n\n\n\n\n\n\n\u201cWe believe distributed generation has an inherently long tail, with the best opportunities and highest yields in the smaller end of the market,\u201d said Benjamin Baker, Managing Director at Greenbacker. \u201cWe\u2019re thrilled to partner with Sunrock DG to expand our presence in C&I solar and enable Sunrock DG to accelerate its growth and meet the immense demand for low-cost clean energy solutions, particularly in light of rising power prices.\u201d
Sunrock DG was founded by an experienced team of solar development and financing professionals, including Claire Broido Johnson, who formerly co-founded SunEdison, as well as Catherine Lee and Anson Shao. The team brings a combined four decades of successful execution experience in the key areas of deal origination, underwriting, and project aggregation.
\n\n\n\n\n\n\n\n\u201cThe solar market has been ineffective at serving middle-market commercial customers for the last 20 years,\u201d said Claire Broido Johnson. \u201cThrough our collaboration with Greenbacker and our deep network of developer partners, we\u2019re looking forward to bringing more thoughtful financing structures to this underserved segment of the market.\u201d
Greenbacker Capital Management established the Greenbacker Development Opportunities Fund I, LP in 2020 to invest in companies focused on sustainable infrastructure development.
\n\n\n\n
About Greenbacker
Greenbacker Development Opportunities Fund I, LP is a middle-market private equity fund that invests in growing sustainable infrastructure platforms serving high-value markets across the US. The fund is managed by Greenbacker Capital Management, LLC. For more information, please visit www.greenbackercapital.com.
\n\n\n\nAbout Sunrock Distributed Generation
\n\n\n\nSunrock Distributed Generation is a commercial solar and storage financing and asset aggregation platform. Sunrock DG offers financing to small and medium businesses across the country through partnerships with more than 100 developer partners. For partnership, recruiting and media inquiries, please visit www.sunrockdg.com or contact info@sunrockdg.com.
\n\n\n\n1 Annual Energy Outlook 2022 (AEO2022), U.S. Energy Information Administration.
\nThe post Greenbacker announces investment in commercial solar and storage platform Sunrock Distributed Generation appeared first on Greenbacker Capital.
\n", "content_text": "The partnership with Greenbacker will help expand Sunrock DG\u2019s financing offerings and project pipeline\n\n\n\nNew York, NY June 2, 2022 — Greenbacker Development Opportunities Fund I, LP (\u201cGreenbacker\u201d), which provides flexible capital and best-in-class technical guidance for growth-stage clean energy companies, announced today that it has made an investment in Sunrock Distributed Generation (\u201cSunrock DG\u201d), a financing and asset aggregation platform for commercial and industrial (C&I) solar and energy storage projects across the country.\n\n\n\nThe partnership with Greenbacker will increase Sunrock DG\u2019s capacity to provide financing for small and medium businesses (SMBs) transitioning to solar energy. It will also enable Sunrock DG to expand its pipeline of middle-market commercial solar and storage projects. Historically, meeting the clean energy needs of SMBs has been prohibitively expensive to address.\n\n\n\nSunrock DG develops smaller-scale commercial solar projects that allow businesses, municipalities, and non-profits to access the financial and environmental benefits of solar power. Given challenges in achieving economies of scale, many companies have not been able to offer attractive third-party financing products to middle-market owners. Sunrock DG\u2019s proprietary underwriting criteria and technology, novel financing sources, and network of over 100 developer partners across the country allow it to offer this market segment both superior financing and affordable, straightforward products.\n\n\n\nThe US Energy Information Administration projects approximately 70 gigawatts of installed commercial distributed generation capacity by 2050.1 With Greenbacker\u2019s investment, Sunrock DG is better positioned to expand in the space.\n\n\n\n\u201cWe believe distributed generation has an inherently long tail, with the best opportunities and highest yields in the smaller end of the market,\u201d said Benjamin Baker, Managing Director at Greenbacker. \u201cWe\u2019re thrilled to partner with Sunrock DG to expand our presence in C&I solar and enable Sunrock DG to accelerate its growth and meet the immense demand for low-cost clean energy solutions, particularly in light of rising power prices.\u201d\n\n\n\nSunrock DG was founded by an experienced team of solar development and financing professionals, including Claire Broido Johnson, who formerly co-founded SunEdison, as well as Catherine Lee and Anson Shao. The team brings a combined four decades of successful execution experience in the key areas of deal origination, underwriting, and project aggregation.\n\n\n\n\u201cThe solar market has been ineffective at serving middle-market commercial customers for the last 20 years,\u201d said Claire Broido Johnson. \u201cThrough our collaboration with Greenbacker and our deep network of developer partners, we\u2019re looking forward to bringing more thoughtful financing structures to this underserved segment of the market.\u201d\n\n\n\nGreenbacker Capital Management established the Greenbacker Development Opportunities Fund I, LP in 2020 to invest in companies focused on sustainable infrastructure development.\n\n\n\nAbout Greenbacker\n\n\n\nGreenbacker Development Opportunities Fund I, LP is a middle-market private equity fund that invests in growing sustainable infrastructure platforms serving high-value markets across the US. The fund is managed by Greenbacker Capital Management, LLC. For more information, please visit www.greenbackercapital.com.\n\n\n\nAbout Sunrock Distributed Generation\n\n\n\nSunrock Distributed Generation is a commercial solar and storage financing and asset aggregation platform. Sunrock DG offers financing to small and medium businesses across the country through partnerships with more than 100 developer partners. For partnership, recruiting and media inquiries, please visit www.sunrockdg.com or contact info@sunrockdg.com.\n\n\n\n\n\n\n\n1 Annual Energy Outlook 2022 (AEO2022), U.S. Energy Information Administration.\nThe post Greenbacker announces investment in commercial solar and storage platform Sunrock Distributed Generation appeared first on Greenbacker Capital.", "date_published": "2022-06-02T08:08:00+00:00", "date_modified": "2022-08-30T20:23:16+00:00", "authors": [ { "name": "GCM", "url": "https://greenbackercapital.com/author/chris-larsongreenbackercapital-com/", "avatar": "https://secure.gravatar.com/avatar/4c3ca5eedec27f29c7289294aef1d410?s=512&d=mm&r=g" } ], "author": { "name": "GCM", "url": "https://greenbackercapital.com/author/chris-larsongreenbackercapital-com/", "avatar": "https://secure.gravatar.com/avatar/4c3ca5eedec27f29c7289294aef1d410?s=512&d=mm&r=g" }, "tags": [ "Press", "GDEV" ], "summary": "Sunrock DG develops smaller-scale commercial solar projects that allow businesses, municipalities, and non-profits to access the financial and environmental benefits of solar power. Partnering with Greenbacker will increase Sunrock DG\u2019s capacity to provide financing for small and medium businesses transitioning to solar. It will also enable Sunrock DG to expand its pipeline of middle-market commercial solar and storage projects." }, { "id": "https://greenbackercapital.com/?p=3389", "url": "https://greenbackercapital.com/2022/03/greenbacker-capitals-debut-private-equity-fund-closes-near-its-funding-cap/", "title": "Greenbacker Capital\u2019s debut private equity fund closes near its funding cap", "content_html": "\nThe nearly $150-million fund delivers capital and technical guidance to growth-stage clean energy companies
\n\n\n\nNew York, NY, March 8, 2022 — Greenbacker Capital Management, LLC (\u201cGreenbacker Capital\u201d or \u201cGreenbacker\u201d), announced today that its Greenbacker Development Opportunities Fund I, LP (\u201cGDEV\u201d or \u201cthe Fund\u201d) has completed fundraising at $142 million, nearly reaching its $150 million hard cap. The Fund, launched in October 2020, provides flexible capital and access to Greenbacker\u2019s best-in-class technical asset management team for growth-stage sustainable infrastructure companies. As of the Fund\u2019s final closing, GDEV has made its first eight investments across multiple clean energy technologies, including solar photovoltaic electricity generation, hydroelectric generation, and battery storage.
\n\n\n\nThe Fund\u2019s first institutional investor was a fund managed by Aether Investment Partners, which finalized its commitment in June 2021. This investment was followed by commitments from UK-based asset manager abrdn and other institutional, family office, and high-net-worth investors. Notable investors joining the group as of GDEV\u2019s final closing included the Montgomery County (Md.) Employees Retirement System and the pension fund of Ontario Power Generation, the latter of which became the Fund\u2019s largest limited partner with its $40 million commitment.
\n\n\n\nSince inception, GDEV has committed approximately $80 million to its existing portfolio companies. It has also spurred $10 million of incremental co-investment directly into these companies, as investors recognized their potential for success\u2014particularly with Greenbacker\u2019s support.
\n\n\n\n\u201cWhen we launched, we discovered there was a huge appetite for our niche within sustainable infrastructure\u2014finding management teams on the cusp of significant growth and getting them to the next level,\u201d said Ben Baker, Managing Director and Principal of GDEV. \u201cThat means we\u2019ll be there for a lot of the firsts of our companies. It\u2019s more grey hair for us, but it\u2019s worth it. Our partners really like that we actually have the hands to be hands-on for them.\u201d
\n\n\n\nPartnering with GDEV allows companies to benefit from the resources of Greenbacker Capital, including access to its technical asset management team. This could mean advice on best practices during project development, construction, and operations. It can mean tapping into Greenbacker\u2019s industry relationships and scale to help secure components like solar modules or steel racking\u2014something companies have found particularly attractive during a period of global supply chain dislocation. It can also create opportunities for synergy with other funds managed by Greenbacker.
\n\n\n\nTwo of GDEV\u2019s portfolio companies, Chaberton Energy Holdings (\u201cChaberton\u201d) and OYA Solar (\u201cOYA\u201d), have also closed transactions with Greenbacker\u2019s affiliated infrastructure business since the Fund introduced them. In May 2021, Chaberton was selected to develop over 200 MW of solar projects for Greenbacker\u2019s infrastructure endeavor and has also agreed to sell it two other projects. At the end of 2021, OYA secured funding from the infrastructure business for a 127-MW community solar portfolio in upstate New York.
\n\n\n\nOne of GDEV\u2019s strengths has been finding opportunities in the marketplace that connect innovative revenue models with older renewable energy technologies to make them viable today. A prime example of this concept is small hydroelectric generation which, in certain markets, can take the energy generated by a centralized hydro facility and virtually sell it to consumers in the area via the existing power grid infrastructure.
\n\n\n\nFor hydro, this wasn\u2019t always the case. A few years ago, hydro projects could only either sell their power via power purchase agreement or into the grid on a merchant basis. Today, given new regulatory frameworks, they have the opportunity to access the more innovative revenue models that have been created for newer technologies like solar and battery storage.
\n\n\n\n\u201cHydro is a very underserved and overlooked element of clean energy,\u201d Baker said. \u201cIt\u2019s not a shiny, new idea\u2014in fact, turbines from over a hundred years ago are still generating electrons for our portfolio today. Hydro is an older technology, with many existing projects that can benefit from redevelopment.\u201d
\n\n\n\nBaker is also focused on what\u2019s next in the renewable energy asset class. One area of interest: mobility. \u201cElectric vehicles (EVs) and their associated charging infrastructure have fallen squarely under the clean energy umbrella. There are many private infrastructure funds and companies looking to finance EV fleets and build and operate charging stations,\u201d he said.
\n\n\n\nThe transportation sector is one of the main sources of greenhouse gases in the US, accounting for 29% of all emissions.1
\n\n\n\nBaker is also keeping a close eye on grid resiliency. \u201cWhen we think about the energy needs of hospitals and schools, or even food processing plants that have to toss anything in production when the power goes out, it\u2019s clear that we need more energy storage and microgrids to keep things running.\u201d
\n\n\n\nOne way to improve grid resilience is battery energy storage systems, like those developed by GDEV portfolio company Delorean Power. Such projects are essential for meeting consumers\u2019 growing energy needs and helping the grid better adapt to increasing adoption of renewable power.
\n\n\n\nAlong with the other technologies GDEV invests in, battery storage is also a critical component of the clean energy transition\u2014a shift that will require considerable capital. According to Bloomberg, achieving zero carbon emissions in the US alone by 2050 will require $2.5 trillion of investment by 2030.2
\n\n\n\n\u201cGDEV\u2019s successful fundraising shows that there is significant investor appetite for opportunities to fund the energy transition,\u201d said Charles Wheeler, President of Greenbacker Capital. \u201cWe\u2019re incredibly excited about the Fund\u2019s prospects, particularly as the renewables industry finds increasingly efficient ways to produce and deliver affordable clean power.\u201d
\n\n\n\n1 The United States Environmental Protection Agency website, \u201cFast Facts on Transportation Greenhouse Gas Emissions.\u201d
\n\n\n\n2 Bloomberg Green, \u201cGetting U.S to Zero Carbon Will Take a $2.5 Trillion Investment by 2030,\u201d December 2020.
\nThe post Greenbacker Capital\u2019s debut private equity fund closes near its funding cap appeared first on Greenbacker Capital.
\n", "content_text": "The nearly $150-million fund delivers capital and technical guidance to growth-stage clean energy companies\n\n\n\nNew York, NY, March 8, 2022 — Greenbacker Capital Management, LLC (\u201cGreenbacker Capital\u201d or \u201cGreenbacker\u201d), announced today that its Greenbacker Development Opportunities Fund I, LP (\u201cGDEV\u201d or \u201cthe Fund\u201d) has completed fundraising at $142 million, nearly reaching its $150 million hard cap. The Fund, launched in October 2020, provides flexible capital and access to Greenbacker\u2019s best-in-class technical asset management team for growth-stage sustainable infrastructure companies. As of the Fund\u2019s final closing, GDEV has made its first eight investments across multiple clean energy technologies, including solar photovoltaic electricity generation, hydroelectric generation, and battery storage.\n\n\n\nThe Fund\u2019s first institutional investor was a fund managed by Aether Investment Partners, which finalized its commitment in June 2021. This investment was followed by commitments from UK-based asset manager abrdn and other institutional, family office, and high-net-worth investors. Notable investors joining the group as of GDEV\u2019s final closing included the Montgomery County (Md.) Employees Retirement System and the pension fund of Ontario Power Generation, the latter of which became the Fund\u2019s largest limited partner with its $40 million commitment.\n\n\n\nSince inception, GDEV has committed approximately $80 million to its existing portfolio companies. It has also spurred $10 million of incremental co-investment directly into these companies, as investors recognized their potential for success\u2014particularly with Greenbacker\u2019s support.\n\n\n\n\u201cWhen we launched, we discovered there was a huge appetite for our niche within sustainable infrastructure\u2014finding management teams on the cusp of significant growth and getting them to the next level,\u201d said Ben Baker, Managing Director and Principal of GDEV. \u201cThat means we\u2019ll be there for a lot of the firsts of our companies. It\u2019s more grey hair for us, but it\u2019s worth it. Our partners really like that we actually have the hands to be hands-on for them.\u201d\n\n\n\nPartnering with GDEV allows companies to benefit from the resources of Greenbacker Capital, including access to its technical asset management team. This could mean advice on best practices during project development, construction, and operations. It can mean tapping into Greenbacker\u2019s industry relationships and scale to help secure components like solar modules or steel racking\u2014something companies have found particularly attractive during a period of global supply chain dislocation. It can also create opportunities for synergy with other funds managed by Greenbacker.\n\n\n\nTwo of GDEV\u2019s portfolio companies, Chaberton Energy Holdings (\u201cChaberton\u201d) and OYA Solar (\u201cOYA\u201d), have also closed transactions with Greenbacker\u2019s affiliated infrastructure business since the Fund introduced them. In May 2021, Chaberton was selected to develop over 200 MW of solar projects for Greenbacker\u2019s infrastructure endeavor and has also agreed to sell it two other projects. At the end of 2021, OYA secured funding from the infrastructure business for a 127-MW community solar portfolio in upstate New York.\n\n\n\nOne of GDEV\u2019s strengths has been finding opportunities in the marketplace that connect innovative revenue models with older renewable energy technologies to make them viable today. A prime example of this concept is small hydroelectric generation which, in certain markets, can take the energy generated by a centralized hydro facility and virtually sell it to consumers in the area via the existing power grid infrastructure.\n\n\n\nFor hydro, this wasn\u2019t always the case. A few years ago, hydro projects could only either sell their power via power purchase agreement or into the grid on a merchant basis. Today, given new regulatory frameworks, they have the opportunity to access the more innovative revenue models that have been created for newer technologies like solar and battery storage.\n\n\n\n\u201cHydro is a very underserved and overlooked element of clean energy,\u201d Baker said. \u201cIt\u2019s not a shiny, new idea\u2014in fact, turbines from over a hundred years ago are still generating electrons for our portfolio today. Hydro is an older technology, with many existing projects that can benefit from redevelopment.\u201d\n\n\n\nBaker is also focused on what\u2019s next in the renewable energy asset class. One area of interest: mobility. \u201cElectric vehicles (EVs) and their associated charging infrastructure have fallen squarely under the clean energy umbrella. There are many private infrastructure funds and companies looking to finance EV fleets and build and operate charging stations,\u201d he said.\n\n\n\nThe transportation sector is one of the main sources of greenhouse gases in the US, accounting for 29% of all emissions.1\n\n\n\nBaker is also keeping a close eye on grid resiliency. \u201cWhen we think about the energy needs of hospitals and schools, or even food processing plants that have to toss anything in production when the power goes out, it\u2019s clear that we need more energy storage and microgrids to keep things running.\u201d\n\n\n\nOne way to improve grid resilience is battery energy storage systems, like those developed by GDEV portfolio company Delorean Power. Such projects are essential for meeting consumers\u2019 growing energy needs and helping the grid better adapt to increasing adoption of renewable power.\n\n\n\nAlong with the other technologies GDEV invests in, battery storage is also a critical component of the clean energy transition\u2014a shift that will require considerable capital. According to Bloomberg, achieving zero carbon emissions in the US alone by 2050 will require $2.5 trillion of investment by 2030.2 \n\n\n\n\u201cGDEV\u2019s successful fundraising shows that there is significant investor appetite for opportunities to fund the energy transition,\u201d said Charles Wheeler, President of Greenbacker Capital. \u201cWe\u2019re incredibly excited about the Fund\u2019s prospects, particularly as the renewables industry finds increasingly efficient ways to produce and deliver affordable clean power.\u201d\n\n\n\n1 The United States Environmental Protection Agency website, \u201cFast Facts on Transportation Greenhouse Gas Emissions.\u201d\n\n\n\n2 Bloomberg Green, \u201cGetting U.S to Zero Carbon Will Take a $2.5 Trillion Investment by 2030,\u201d December 2020.\nThe post Greenbacker Capital\u2019s debut private equity fund closes near its funding cap appeared first on Greenbacker Capital.", "date_published": "2022-03-08T12:14:40+00:00", "date_modified": "2022-09-15T20:47:41+00:00", "authors": [ { "name": "GCM", "url": "https://greenbackercapital.com/author/chris-larsongreenbackercapital-com/", "avatar": "https://secure.gravatar.com/avatar/4c3ca5eedec27f29c7289294aef1d410?s=512&d=mm&r=g" } ], "author": { "name": "GCM", "url": "https://greenbackercapital.com/author/chris-larsongreenbackercapital-com/", "avatar": "https://secure.gravatar.com/avatar/4c3ca5eedec27f29c7289294aef1d410?s=512&d=mm&r=g" }, "image": "https://greenbackercapital.com/wp-content/uploads/2022/03/Forestport-e1646691142312.jpg", "tags": [ "Press", "GDEV" ], "summary": "Greenbacker announced today that its Greenbacker Development Opportunities Fund I, LP has completed fundraising, nearly reaching its $150 million hard cap. The Fund provides flexible capital and access to Greenbacker\u2019s best-in-class technical asset management team for growth-stage clean energy companies." }, { "id": "https://greenbackercapital.com/?p=3270", "url": "https://greenbackercapital.com/2022/01/greenbacker-capital-announces-investment-in-floating-solar-developer-noria-energy/", "title": "Greenbacker Capital announces investment in floating solar developer Noria Energy", "content_html": "\nThe investment marks Greenbacker\u2019s entrance into floatovoltaics, a growing renewables sector
\n\n\n\nNew York, NY, January 25, 2022 — Greenbacker Capital Management, LLC (\u201cGreenbacker Capital\u201d or \u201cGreenbacker\u201d), a leader in sustainable infrastructure investment, announced today that, through an affiliated fund (the \u201cFund\u201d), it has made an equity investment in Noria Energy (\u201cNoria\u201d), a California-based solar developer. Greenbacker\u2019s growth investment will enable Noria to scale its platform, while executing on and expanding its existing pipeline of solar projects. This pipeline includes both ground-mounted arrays and solar installations that float atop bodies of water. With this investment, Greenbacker enters the floating solar space, or floatovoltaics, an emerging area of the renewable energy asset class with unique environmental and power production advantages.
\n\n\n\nFloating solar projects do not require valuable land area, instead making use of space otherwise left idle, like the surfaces of hydroelectric dam reservoirs, wastewater treatment ponds, or other calm bodies of water. They can also reduce algae growth and slow evaporation for the bodies of water they are installed upon. Floatovoltaic panels also experience a cooling effect from the water beneath, leading to greater and more efficient clean energy generation.
\n\n\n\nThe nascent floating solar industry in the United States has significant opportunity for growth. The National Renewable Energy Laboratory has estimated that installing floating solar on the 24,000+ manmade reservoirs in the US could meet about 10% of the country\u2019s annual electricity needs.1 With Greenbacker\u2019s investment, Noria is poised to expand in the space, having already designed, engineered, and co-developed the nation\u2019s largest floating solar array, a 4.8-MW installation at the water reclamation facility in Healdsburg, CA.
\n\n\n\nNoria also offers behind-the-meter solar projects\u2014built on land or water\u2014which are systems that provide solar power directly to consumers without involvement from a utility. These systems can help customers reduce power bills, capitalize on renewable energy incentives, and meet their clean energy goals, while also offering insulation from grid disruption.
\n\n\n\n\u201cGreenbacker is thrilled to partner with Noria to build our presence in the floating solar market,\u201d said Ben Baker, Managing Director and Principal of the Fund. \u201cThe Noria team\u2019s track record and innovation in the space, along with their overall solar development expertise, position them well to continue expanding and contributing to a clean energy future.\u201d
\n\n\n\nFounded in 2018, Noria has operations in both the United States and Latin America.
\n\n\n\n\u201cCollaborating with the Greenbacker team will allow us to scale and deliver creative solutions to our solar customers,\u201d said Jonathan Wank, CEO of Noria. \u201cOur mission at Noria Energy is to develop projects and solutions that lower barriers to solar adoption. We\u2019re also driving innovation by working with the Department of Energy, municipalities, and commercial/industrial customers on solar projects that can improve water quality.\u201d
\n\n\n\nGreenbacker established the Fund in 2020 to invest in companies focused on sustainable infrastructure development serving high-value markets across the United States.
\n\n\n\n1 \u201cNews Release: NREL Details Great Potential for Floating PV Systems | News | NREL,\u201d National Renewable Energy Laboratory, December 27, 2018.
\nThe post Greenbacker Capital announces investment in floating solar developer Noria Energy appeared first on Greenbacker Capital.
\n", "content_text": "The investment marks Greenbacker\u2019s entrance into floatovoltaics, a growing renewables sector\n\n\n\nNew York, NY, January 25, 2022 — Greenbacker Capital Management, LLC (\u201cGreenbacker Capital\u201d or \u201cGreenbacker\u201d), a leader in sustainable infrastructure investment, announced today that, through an affiliated fund (the \u201cFund\u201d), it has made an equity investment in Noria Energy (\u201cNoria\u201d), a California-based solar developer. Greenbacker\u2019s growth investment will enable Noria to scale its platform, while executing on and expanding its existing pipeline of solar projects. This pipeline includes both ground-mounted arrays and solar installations that float atop bodies of water. With this investment, Greenbacker enters the floating solar space, or floatovoltaics, an emerging area of the renewable energy asset class with unique environmental and power production advantages.\n\n\n\nFloating solar projects do not require valuable land area, instead making use of space otherwise left idle, like the surfaces of hydroelectric dam reservoirs, wastewater treatment ponds, or other calm bodies of water. They can also reduce algae growth and slow evaporation for the bodies of water they are installed upon. Floatovoltaic panels also experience a cooling effect from the water beneath, leading to greater and more efficient clean energy generation.\n\n\n\nThe nascent floating solar industry in the United States has significant opportunity for growth. The National Renewable Energy Laboratory has estimated that installing floating solar on the 24,000+ manmade reservoirs in the US could meet about 10% of the country\u2019s annual electricity needs.1 With Greenbacker\u2019s investment, Noria is poised to expand in the space, having already designed, engineered, and co-developed the nation\u2019s largest floating solar array, a 4.8-MW installation at the water reclamation facility in Healdsburg, CA.\n\n\n\nNoria also offers behind-the-meter solar projects\u2014built on land or water\u2014which are systems that provide solar power directly to consumers without involvement from a utility. These systems can help customers reduce power bills, capitalize on renewable energy incentives, and meet their clean energy goals, while also offering insulation from grid disruption.\n\n\n\n\u201cGreenbacker is thrilled to partner with Noria to build our presence in the floating solar market,\u201d said Ben Baker, Managing Director and Principal of the Fund. \u201cThe Noria team\u2019s track record and innovation in the space, along with their overall solar development expertise, position them well to continue expanding and contributing to a clean energy future.\u201d\n\n\n\nFounded in 2018, Noria has operations in both the United States and Latin America.\n\n\n\n\u201cCollaborating with the Greenbacker team will allow us to scale and deliver creative solutions to our solar customers,\u201d said Jonathan Wank, CEO of Noria. \u201cOur mission at Noria Energy is to develop projects and solutions that lower barriers to solar adoption. We\u2019re also driving innovation by working with the Department of Energy, municipalities, and commercial/industrial customers on solar projects that can improve water quality.\u201d\n\n\n\nGreenbacker established the Fund in 2020 to invest in companies focused on sustainable infrastructure development serving high-value markets across the United States.\n\n\n\n1 \u201cNews Release: NREL Details Great Potential for Floating PV Systems | News | NREL,\u201d National Renewable Energy Laboratory, December 27, 2018. \nThe post Greenbacker Capital announces investment in floating solar developer Noria Energy appeared first on Greenbacker Capital.", "date_published": "2022-01-25T08:46:53+00:00", "date_modified": "2022-08-30T20:07:51+00:00", "authors": [ { "name": "GCM", "url": "https://greenbackercapital.com/author/chris-larsongreenbackercapital-com/", "avatar": "https://secure.gravatar.com/avatar/4c3ca5eedec27f29c7289294aef1d410?s=512&d=mm&r=g" } ], "author": { "name": "GCM", "url": "https://greenbackercapital.com/author/chris-larsongreenbackercapital-com/", "avatar": "https://secure.gravatar.com/avatar/4c3ca5eedec27f29c7289294aef1d410?s=512&d=mm&r=g" }, "image": "https://greenbackercapital.com/wp-content/uploads/2022/01/Healdsburg-FPV-Drone-Oct-2021-2-1-scaled.jpg", "tags": [ "Press", "GDEV" ], "summary": "With this investment, Greenbacker enters the floatovoltaics market, an emerging area of the renewable energy asset class with unique environmental and power production advantages." }, { "id": "https://greenbackercapital.com/?p=3217", "url": "https://greenbackercapital.com/2022/01/oya-solar-announces-corporate-investment-to-accelerate-company-growth/", "title": "OYA Solar announces corporate investment to accelerate company growth", "content_html": "\nThe investment will fund the conversion of OYA\u2019s near- and mid-term development pipeline
\n\n\n\nNew York, NY: January 19, 2022 — OYA Solar, an emerging independent power producer, announced today that it has raised additional capital, increasing its corporate investment to $35 million. Proceeds of the expanded investment will be used to accelerate the development and construction of OYA\u2019s 3GW+ pipeline across the Northeast and mid-Atlantic and to fund acquisitions. OYA also recently announced a large capital raise, including both tax equity and preferred equity, for a portfolio of solar projects currently under construction.
\n\n\n\nOYA develops, constructs, and owns solar and battery storage assets, focusing on both community solar and traditional utility-scale grid-tied systems. Over the past few years, OYA has built out its internal development, origination, subscription management, construction, and asset management functions, allowing the firm to operate seamlessly throughout its pipeline\u2019s life cycle.
\n\n\n\nThe transaction was led by Greenbacker Capital Management, LLC investing through an affiliated fund (the \u201cFund\u201d). Additional investors included Lewis & Clark Holdings and entities controlled by abrdn plc, each existing investors in the Fund. The financing follows an initial close on the investment from the Fund and the NY Green Bank in 2020, followed by an upsize in mid-2021 in which both the Fund and NY Green Bank, a division of the New York State Energy Research and Development Authority (NYSERDA), participated.
\n\n\n\n\u201cWe are grateful for Greenbacker\u2019s continued confidence and support in us as a disciplined, rapidly growing renewable energy platform,\u201d says Manish Nayar, CEO and Founder of OYA Solar. \u201cIn 2021, we successfully made the transition from solar developer to asset owner, and we have now streamlined our focus on our goal to place 500MWdc in operation by 2024. The increased corporate investment ensures that we are well-positioned to do so.\u201d
\n\n\n\nOYA is headquartered in Toronto, with offices in New York and Boston. Founded in 2009, OYA has developed 1,440 MW of solar in the community solar and utility markets in both Canada and the United States. With a pipeline of over 3 GW and an operating portfolio, OYA is transitioning from a pure play developer to an independent power producer with a full suite of development and operational capabilities.
\n\n\n\n\u201cGreenbacker is extremely pleased with OYA\u2019s growth and execution,\u201d said Ben Baker, Managing Director and Principal of the Fund. \u201cNot only has OYA been a strong partner over the past year through the development and construction of assets, but the company has also positioned itself well to deliver its large pipeline over the coming years. OYA\u2019s leadership has accurately identified opportunities and executed on delivering results on those circumstances delivering value to all stakeholders.\u201d
\n\n\n\nGreenbacker established the Fund in 2020 to invest in companies focused on sustainable infrastructure development serving high-value markets across the United States.
\nThe post OYA Solar announces corporate investment to accelerate company growth appeared first on Greenbacker Capital.
\n", "content_text": "The investment will fund the conversion of OYA\u2019s near- and mid-term development pipeline \n\n\n\nNew York, NY: January 19, 2022 — OYA Solar, an emerging independent power producer, announced today that it has raised additional capital, increasing its corporate investment to $35 million. Proceeds of the expanded investment will be used to accelerate the development and construction of OYA\u2019s 3GW+ pipeline across the Northeast and mid-Atlantic and to fund acquisitions. OYA also recently announced a large capital raise, including both tax equity and preferred equity, for a portfolio of solar projects currently under construction.\n\n\n\nOYA develops, constructs, and owns solar and battery storage assets, focusing on both community solar and traditional utility-scale grid-tied systems. Over the past few years, OYA has built out its internal development, origination, subscription management, construction, and asset management functions, allowing the firm to operate seamlessly throughout its pipeline\u2019s life cycle.\n\n\n\nThe transaction was led by Greenbacker Capital Management, LLC investing through an affiliated fund (the \u201cFund\u201d). Additional investors included Lewis & Clark Holdings and entities controlled by abrdn plc, each existing investors in the Fund. The financing follows an initial close on the investment from the Fund and the NY Green Bank in 2020, followed by an upsize in mid-2021 in which both the Fund and NY Green Bank, a division of the New York State Energy Research and Development Authority (NYSERDA), participated.\n\n\n\n\u201cWe are grateful for Greenbacker\u2019s continued confidence and support in us as a disciplined, rapidly growing renewable energy platform,\u201d says Manish Nayar, CEO and Founder of OYA Solar. \u201cIn 2021, we successfully made the transition from solar developer to asset owner, and we have now streamlined our focus on our goal to place 500MWdc in operation by 2024. The increased corporate investment ensures that we are well-positioned to do so.\u201d\n\n\n\nOYA is headquartered in Toronto, with offices in New York and Boston. Founded in 2009, OYA has developed 1,440 MW of solar in the community solar and utility markets in both Canada and the United States. With a pipeline of over 3 GW and an operating portfolio, OYA is transitioning from a pure play developer to an independent power producer with a full suite of development and operational capabilities.\n\n\n\n\u201cGreenbacker is extremely pleased with OYA\u2019s growth and execution,\u201d said Ben Baker, Managing Director and Principal of the Fund. \u201cNot only has OYA been a strong partner over the past year through the development and construction of assets, but the company has also positioned itself well to deliver its large pipeline over the coming years. OYA\u2019s leadership has accurately identified opportunities and executed on delivering results on those circumstances delivering value to all stakeholders.\u201d\n\n\n\nGreenbacker established the Fund in 2020 to invest in companies focused on sustainable infrastructure development serving high-value markets across the United States.\nThe post OYA Solar announces corporate investment to accelerate company growth appeared first on Greenbacker Capital.", "date_published": "2022-01-18T22:46:41+00:00", "date_modified": "2022-08-30T20:06:50+00:00", "authors": [ { "name": "GCM", "url": "https://greenbackercapital.com/author/chris-larsongreenbackercapital-com/", "avatar": "https://secure.gravatar.com/avatar/4c3ca5eedec27f29c7289294aef1d410?s=512&d=mm&r=g" } ], "author": { "name": "GCM", "url": "https://greenbackercapital.com/author/chris-larsongreenbackercapital-com/", "avatar": "https://secure.gravatar.com/avatar/4c3ca5eedec27f29c7289294aef1d410?s=512&d=mm&r=g" }, "tags": [ "Press", "GDEV" ], "summary": "The transaction was led by Greenbacker Capital Management, LLC investing through an affiliated fund. Proceeds of the expanded investment will be used to accelerate the development and construction of OYA\u2019s 3GW+ pipeline across the Northeast and mid-Atlantic and to fund acquisitions. \"We are grateful for Greenbacker\u2019s continued confidence and support in us as a disciplined, rapidly growing renewable energy platform,\u201d says Manish Nayar, CEO and Founder of OYA Solar. " }, { "id": "https://greenbackercapital.com/?p=3194", "url": "https://greenbackercapital.com/2022/01/delorean-power-announces-investment-from-greenbacker-capital/", "title": "Delorean Power announces investment from Greenbacker Capital", "content_html": "\nThe strategic investment supports a pipeline of standalone battery projects across the US
\n\n\n\nArlington, VA, January 10, 2022 — Delorean Power LLC (\u201cDelorean\u201d or \u201cthe company\u201d) announced today that Greenbacker Capital Management, LLC (\u201cGreenbacker Capital\u201d or \u201cGreenbacker\u201d), through an affiliated fund (the \u201cFund\u201d), has made a strategic equity investment into the company. Delorean is a developer and owner-operator of standalone battery energy storage projects in the United States. Its projects are integral to the clean energy transition, helping the grid to better adapt to further increases in renewable energy. The growth investment from Greenbacker, a leader in sustainable infrastructure investment, will allow Delorean to further scale its platform while continuing to execute and expand on its existing pipeline of energy storage projects. In addition to the initial $20 million commitment from the Fund, Delorean is in the process of raising a significant amount of asset-level capital to further resource its pipeline.
\n\n\n\nEnergy storage is a highly flexible resource that can benefit a wide variety of stakeholders, from large corporate customers looking to adopt 24/7 clean energy, to utility partners shifting energy to save money and avoid conventional infrastructure investments. Storage can also benefit community partners looking to enhance resilience for critical infrastructure and power system operators looking for grid stabilizing services and enhanced renewable energy integration. At its simplest, energy storage relieves stress on the power grid during peak times and enhances operational efficiency, translating to lower costs and more reliable electricity for everyone. With Greenbacker\u2019s investment, Delorean is even more well placed to accelerate the build-out of energy storage and the numerous sustainability and cost benefits that come with its expansion.
\n\n\n\n\u201cGreenbacker is excited to enter the standalone battery storage development market through our partnership with Delorean,\u201d said Ben Baker, Managing Director and Principal of the Fund. \u201cWe spent a significant amount of time looking for the right battery storage partner, and we believe Delorean is well positioned for success over the next several years. The firm\u2019s leadership has built a strong business and we look forward to growing from that solid foundation.\u201d
\n\n\n\nDelorean is based in Virginia, where it was founded in 2019 by Michael Herbert and Rory Jones. The company\u2019s focus is multi-use standalone energy storage applications that maximize benefits, delivered at scale. Delorean prioritizes both community and system impact, providing environmental and social benefits, new sources of tax revenue, lower electricity costs, improved grid resilience, and a smarter, cleaner, and more reliable grid. By working with local landowners, businesses, and municipalities, Delorean also helps drive economic development by finding creative uses for unused and idle properties. \u201cDelorean\u2019s advantage begins with the collaborative partnerships the company builds with its customers and their communities,\u201d said board member Glen Davis. \u201cProjects are then structured, designed and developed to meet each customer\u2019s unique energy storage needs in a rapidly evolving marketplace.\u201d
\n\n\n\n\u201cGreenbacker and Delorean have a shared philosophy on sustainability, economic development, and community impact and a shared vision for the opportunity in our markets,\u201d said Rory Jones. \u201cWe are excited to realize Delorean\u2019s impact potential with the Greenbacker team as we expand our activities and portfolio.\u201d
\n\n\n\nGreenbacker established the Fund in 2020 to invest in companies focused on sustainable infrastructure development serving high-value markets across the United States. Since inception, the Fund has made investments in several such companies.
\nThe post Delorean Power announces investment from Greenbacker Capital appeared first on Greenbacker Capital.
\n", "content_text": "The strategic investment supports a pipeline of standalone battery projects across the US\n\n\n\nArlington, VA, January 10, 2022 — Delorean Power LLC (\u201cDelorean\u201d or \u201cthe company\u201d) announced today that Greenbacker Capital Management, LLC (\u201cGreenbacker Capital\u201d or \u201cGreenbacker\u201d), through an affiliated fund (the \u201cFund\u201d), has made a strategic equity investment into the company. Delorean is a developer and owner-operator of standalone battery energy storage projects in the United States. Its projects are integral to the clean energy transition, helping the grid to better adapt to further increases in renewable energy. The growth investment from Greenbacker, a leader in sustainable infrastructure investment, will allow Delorean to further scale its platform while continuing to execute and expand on its existing pipeline of energy storage projects. In addition to the initial $20 million commitment from the Fund, Delorean is in the process of raising a significant amount of asset-level capital to further resource its pipeline.\n\n\n\nEnergy storage is a highly flexible resource that can benefit a wide variety of stakeholders, from large corporate customers looking to adopt 24/7 clean energy, to utility partners shifting energy to save money and avoid conventional infrastructure investments. Storage can also benefit community partners looking to enhance resilience for critical infrastructure and power system operators looking for grid stabilizing services and enhanced renewable energy integration. At its simplest, energy storage relieves stress on the power grid during peak times and enhances operational efficiency, translating to lower costs and more reliable electricity for everyone. With Greenbacker\u2019s investment, Delorean is even more well placed to accelerate the build-out of energy storage and the numerous sustainability and cost benefits that come with its expansion.\n\n\n\n\u201cGreenbacker is excited to enter the standalone battery storage development market through our partnership with Delorean,\u201d said Ben Baker, Managing Director and Principal of the Fund. \u201cWe spent a significant amount of time looking for the right battery storage partner, and we believe Delorean is well positioned for success over the next several years. The firm\u2019s leadership has built a strong business and we look forward to growing from that solid foundation.\u201d\n\n\n\nDelorean is based in Virginia, where it was founded in 2019 by Michael Herbert and Rory Jones. The company\u2019s focus is multi-use standalone energy storage applications that maximize benefits, delivered at scale. Delorean prioritizes both community and system impact, providing environmental and social benefits, new sources of tax revenue, lower electricity costs, improved grid resilience, and a smarter, cleaner, and more reliable grid. By working with local landowners, businesses, and municipalities, Delorean also helps drive economic development by finding creative uses for unused and idle properties. \u201cDelorean\u2019s advantage begins with the collaborative partnerships the company builds with its customers and their communities,\u201d said board member Glen Davis. \u201cProjects are then structured, designed and developed to meet each customer\u2019s unique energy storage needs in a rapidly evolving marketplace.\u201d\n\n\n\n\u201cGreenbacker and Delorean have a shared philosophy on sustainability, economic development, and community impact and a shared vision for the opportunity in our markets,\u201d said Rory Jones. \u201cWe are excited to realize Delorean\u2019s impact potential with the Greenbacker team as we expand our activities and portfolio.\u201d\n\n\n\nGreenbacker established the Fund in 2020 to invest in companies focused on sustainable infrastructure development serving high-value markets across the United States. Since inception, the Fund has made investments in several such companies.\nThe post Delorean Power announces investment from Greenbacker Capital appeared first on Greenbacker Capital.", "date_published": "2022-01-10T21:52:47+00:00", "date_modified": "2022-08-30T20:05:38+00:00", "authors": [ { "name": "GCM", "url": "https://greenbackercapital.com/author/chris-larsongreenbackercapital-com/", "avatar": "https://secure.gravatar.com/avatar/4c3ca5eedec27f29c7289294aef1d410?s=512&d=mm&r=g" } ], "author": { "name": "GCM", "url": "https://greenbackercapital.com/author/chris-larsongreenbackercapital-com/", "avatar": "https://secure.gravatar.com/avatar/4c3ca5eedec27f29c7289294aef1d410?s=512&d=mm&r=g" }, "tags": [ "Press", "GDEV" ], "summary": "As a developer and owner-operator of standalone battery energy storage projects across the US, Delorean's projects are integral to the clean energy transition, helping the grid to better adapt to further increases in renewable energy. The growth investment from Greenbacker will allow Delorean to further scale its platform while continuing to execute and expand on its existing pipeline of energy storage projects. " } ] }