Excelsior Energy Capital, an independent renewable-energy and energy-transition investor in North America, has completed the first closing of its second flagship fund, Excelsior Renewable Energy Investment Fund II.
The fund secured $502 million of capital commitments against its $750 million target fund size. The closing was led by five existing limited partners in Excelsior’s first flagship fund, Excelsior Renewable Energy Investment Fund I, along with two new limited partners. The fund’s investor base is composed of global institutional investors.
Fund II, which launched in fall 2022, will invest equity in middle-market wind, solar and storage projects and businesses across North America, in addition to select energy-transition infrastructure outside of core renewables. The fund’s pipeline consists of more than 6.5 gigawatts of solar, solar-plus-storage and standalone battery storage projects, totaling $1.3 billion in potential investment opp