Fundraising - APRIL 5, 2017

New Energy holds $325m final close for energy fund

by Jody Barhanovich

New Energy Capital Partners has held a $325 million final close for its New Energy Capital Infrastructure Credit Fund, exceeding its $250 million equity fundraising target.

New Energy Capital Infrastructure Credit Fund held its first close in first half 2016 and has committed more than one-third of its capital to portfolio investments. The fund focuses on clean energy infrastructure assets in North America, including solar, wind, energy efficiency, storage and water. The fund seeks to incorporate a broad array of investment structures, such as senior debt, subordinated debt and preferred equity.

Scott Brown, CEO of New Energy Capital, says institutional investors are increasingly seeking exposure to clean energy investments, the fastest-growing sector of the energy market.

Patrick Fox, partner and portfolio manager at New Energy Capital, adds, “We believe the North American clean energy market is stronger than ever, as we continue to find attractive opportunities for investment.”

In November 2016, the New Energy Capital Infrastructure Credit Fund provided a $30 million financing facility to Ygrene Energy Fund, a national provider of residential, commercial and multifamily property assessed clean energy financing.

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