Greenbacker Capital Management has increased its investment in Clear Energy Renewables, 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 Greenbacker’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 Greenbacker’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 i