About

Excelsior Energy Capital is a pure-play renewable energy infrastructure fund focused on long-term investments in operating wind and solar power plants in North America. The Excelsior Energy Capital team has a proven track record, as a group executing over $2.5 billion of equity investments across 2 GW of operating wind and solar projects. The team brings a comprehensive set of financial, legal, strategic and operational expertise – making Excelsior Energy Capital a valuable partner for developers and operators, and a trusted manager for investors.

Wind and solar is at last an established asset class. Technology efficiencies and installed costs have evolved to a point where wind and solar plants can compete with conventional generation such as natural gas and coal. Long-term federal tax policy and increasing state-level renewable portfolio standards are further supporting industry growth. As a result, installed capacity is expected to double as U.S. solar and wind project installations are forecasted to grow by over 120 GW by 2021 according to Bloomberg New Energy Finance. There is now extensive inventory of attractive assets presenting stable investments for institutional investors.

Approach

Listen
Excelsior Energy Capital plans to target investments in de-risked North American wind and solar power plants which possess fixed income-like cash flows from long-term revenue contracts with credit-worthy counterparties. Excelsior Energy Capital’s team will originate investment opportunities from its network of relationships established from years of experience in the industry and largely focus on bilateral transactions with select parties. Investments will range from assets which are approaching financing and construction, to assets which have several years of operating history.

Collaborate
With investments in operational projects, Excelsior Energy Capital’s hands-on asset management team will enhance value through refinancings, project agreement renegotiations, performance improvement measures, cost reduction measures and other strategies. With investments in pre-construction projects, Excelsior Energy Capital will bring permanent capital solutions along with expertise in financial structuring, project agreement negotiations, construction management and overall risk management.

Grow
Excelsior Energy Capital focuses on equity investments in the solar and wind utility and distributed generation middle market, which is currently underserved and presents a diverse and attractive set of investment opportunities. Given Excelsior Energy Capital’s exclusive geographic focus in North America, the team has the expertise and resources to access this middle market, and allocate time to diligence and execute on the acquisition of high-quality assets. In contrast to many investors in the industry, Excelsior Energy Capital will hold investments for on average greater than seven years, aligning with institutional investors who have long-term investment horizons. Through this combined investment and operating approach, Excelsior Energy Capital will deliver attractive risk-adjusted returns in the renewable energy asset class.

Investment Criteria

Excelsior Energy Capital will specifically target investment opportunities which meet the following criteria:

  • Established markets in the United States and Canada which possess favorable market dynamics, government policy and rule of law
  • Utility-scale (20MW or greater) as well as portfolios of distributed generation or “C&I” projects which aggregate to more than 20MW
  • Long-term offtake agreements – including traditional utility power purchase agreements as well as hedge agreements with non-utility buyers – with at least 10 years remaining on the contract term
  • Financeable wind and solar technologies

Team

Chris Moakley

Christopher Moakley

Managing Partner

cmoakley@excelsiorcapital.com
Anne Marie Denman

Anne Marie Denman

Partner

adenman@excelsiorcapital.com
Alex Ellis

Alex Ellis

Partner

aellis@excelsiorcapital.com
Ryan Fegley

Ryan Fegley

Partner

rfegley@excelsiorcapital.com
Chris Frantz

Chris Frantz

Managing Director

cfrantz@excelsiorcapital.com
Mark Engstrom

Mark Engstrom

Director

mengstrom@excelsiorcapital.com
Sarthak Gupta

Sarthak Gupta

Senior Associate

sgupta@excelsiorcapital.com
Mike Lang

Mike Lang

Controller

mlang@excelsiorcapital.com
Alissa Fahrenz

Alissa Fahrenz

Analyst

afahrenz@excelsiorcapital.com
PRI

Excelsior Energy Capital is proud to be a signatory of the United Nations-supported Principles for Responsible Investment (PRI).

The PRI is recognized as the leading global network for investors who are committed to integrating environmental, social and governance (ESG) considerations into their investment practices and ownership policies. Excelsior Energy Capital developed its ESG Policy in line with PRI with a clear objective to implement ESG principles in order to more effectively manage risk and enhance the value of portfolio investments.

News

May 28, 2020

Excelsior Energy Capital and Unico Solar Investors Form Long-Term Partnership to Build, Own and Operate 250 MW of Commercial and Industrial Sector Solar Projects

EXCELSIOR, Minn.--(BUSINESS WIRE)--Excelsior Energy Capital (“Excelsior”), a leading independent North American renewable energy investor, and Unico Solar Investors (“Unico Solar”), a solar energy systems developer and investor, announced today the closing of a long-term programmatic joint-venture partnership to build, own and operate a 250 MW pipeline of commercial and industrial (“C&I”) solar projects located across North America. Unico Solar, a wholly-owned subsidiary of Unico Investment Group, will leverage its vast commercial real estate network and expertise to develop and manage the portfolio. Excelsior, through its North American Renewable Energy Fund, will acquire the projects into its portfolio upon start of construction, with Unico Solar overseeing construction and asset management while maintaining a minority equity position.

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May 11, 2020

Excelsior Energy Capital Closes Second Investment With Development Partner and Commissions First Tranche of Minnesota Solar Projects

EXCELSIOR, Minn.--(BUSINESS WIRE)--Excelsior Energy Capital (“Excelsior”), a leading independent North American renewable energy investor, announced today the acquisition of 5 ground-mount solar projects from development partner, Nokomis Energy. The Kingfield Portfolio, located across Southern Minnesota, totals 6.3 MWDC and brings Excelsior’s total portfolio of ground-mount solar projects in Minnesota to 21.6 MWDC, all as part of a broader partnership with Nokomis Energy. Excelsior will invest equity in the portfolio at the start of construction and will work with its existing financing partners to arrange the tax equity, construction debt and permanent debt.

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Jan 06, 2020

Excelsior Energy Capital Closes on Acquisitions and Financing for 109 MW Operating Wind Portfolio from Invenergy

EXCELSIOR, MN – January 9, 2020 – Excelsior Energy Capital (“Excelsior”), a leading independent North American renewable energy investor, announced today that its North American Renewable Energy Fund (the “Fund”) has closed on the acquisition of 90.1% percent of Invenergy’s sponsor equity interests in the combined 109-megawatt Prairie Breeze II and Prairie Breeze III projects (the “Projects”), located in Antelope and Boone Counties, Nebraska. Concurrent with the acquisition closing, Excelsior closed on back-leverage financing for the Projects with Nord/LB.

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Nov 07, 2019

Excelsior Energy Capital Acquires 109 MW Operating Wind Portfolio From Invenergy

EXCELSIOR, Minn.--(BUSINESS WIRE)--Excelsior Energy Capital (“Excelsior”), a leading independent North American renewable energy investor, announced today that its North American Renewable Energy Fund (the “Fund”) has executed definitive agreements for the acquisition of 90.1% of Invenergy’s sponsor equity interests in the combined 109 MW Prairie Breeze II and Prairie Breeze III projects (the “Projects”), located in Antelope and Boone Counties, Nebraska. The transaction is expected to close in December 2019 upon certain closing conditions having been met.

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May 14, 2019

Excelsior Energy Capital and Nokomis Partner on 16.5 MW Minnesota Solar Portfolio

EXCELSIOR, MN – May 14, 2019 – Excelsior Energy Capital (“Excelsior”), a leading independent North American renewable energy investor, announced today that its North American Renewable Energy Fund (the “Fund”) has agreed to partner with Nokomis Partners (“Nokomis”) on the construction and operation of a 16.5 MW solar portfolio.

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Apr 23, 2019

Excelsior Energy Capital Acquires 25 MW Operating Solar Project

EXCELSIOR, MN – April 23, 2019 – Excelsior Energy Capital (“Excelsior”), a leading independent North American renewable energy investor, announced today that its North American Renewable Energy Fund (the “Fund”) has closed on the acquisition of 100 percent of Grupo T-Solar Global USA Inc’s sponsor equity interests in the 25 MWDC El Centro Solar Project (the “Project”), located in El Centro, California.

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Dec 20, 2018

Excelsior Energy Capital acquires 16.2 MW Operating Solar Portfolio from Syncarpha Capital

EXCELSIOR, MN – December 20, 2018 – Excelsior Energy Capital (“Excelsior”), a leading independent North American renewable energy investor, announced today that its North American Renewable Energy Fund (the “Fund”) has acquired from Syncarpha Capital (“Syncarpha”) 100 percent of the sponsor equity interests in a 16.2 MW operating solar portfolio.

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