BlackRock’s Evergreen Infrastructure Partners Fund has acquired a portfolio of 38 solar and solar-plus-storage projects from Excelsior Energy Capital’s Fund I portfolio.
As part of the transaction, Excelsior divested its entire stake in the portfolio, representing its first exit from its inaugural fund, Excelsior Renewable Energy Investment Fund I. Financial terms were not disclosed.
Fund I, which launched seven years ago and attracted capital commitments above its $500 million 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 gigawatt hours of renewable energy annually at steady-state operations.
The project portfolio consists entirely of operational solar and battery storage-distributed generation projects with a total nameplate capacity of 89 megawatts dc, which formed a distinct sub-portfolio within Excelsior’s Fund I. This made these assets suitable for an exit
