Excelsior Energy Capital Surpasses Fundraising Goal, Closes $1 Billion Renewable Energy Fund II to Advance U.S. Clean Energy Transition
Excelsior Energy Capital, a prominent independent North American renewable energy investment firm, has successfully closed its second flagship fund—Excelsior Renewable Energy Investment Fund II, LP (Fund II)—with total capital commitments exceeding $1 billion. This remarkable close not only surpasses the fund’s original $750 million target by over 30% but also signals investor confidence in Excelsior’s proven approach to energy transition investments.
With Fund II, Excelsior continues to focus on deploying equity capital into high-quality renewable energy infrastructure projects throughout the United States. The fund targets a diverse range of energy transition assets including solar photovoltaic (PV) systems, battery energy storage systems (BESS), onshore wind projects, and other complementary technologies that support the decarbonization and modernization of the U.S. energy grid.
Strategic Global Investor Base Anchored by Development Bank of Japan
Fund II is anchored by a significant commitment from the Development Bank of Japan Inc. (DBJ), a globally respected financial institution with a long-term strategic focus on sustainable investments. In addition to DBJ, the fund attracted a diverse array of limited partners (LPs) from across the globe—including institutional investors from the United States, Japan, Europe, Australia, and the Middle East.
The LP base includes a healthy mix of both returning and first-time investors. Many of the limited partners from Excelsior’s inaugural fund—Excelsior Renewable Energy Investment Fund I, which closed in 2021 with $504 million—have returned to increase their exposure to Excelsior’s pipeline of clean energy opportunities. The roster includes pension funds, insurance companies, fund-of-funds, diversified asset managers, university endowments, and family offices, among others.
This broad participation underscores the growing global appetite for sustainable infrastructure investments, especially those that are capable of delivering reliable risk-adjusted returns while simultaneously contributing to the fight against climate change.
A Platform for Accelerated Growth in Solar and Storage Infrastructure
Commenting on the success of the fundraising and the fund’s strategic outlook, Chris Moakley, Managing Partner of Excelsior Energy Capital, stated:
“We’re proud to build on the success of our inaugural fund and grateful for the trust our investors have placed in us. Fund II allows us to continue executing on our disciplined investment strategy while expanding into select energy transition infrastructure opportunities. With a high-quality portfolio of solar and battery storage projects already underway, we look forward to delivering strong returns while supporting the global shift toward cleaner, more resilient energy systems.”
Excelsior’s ability to raise over $1 billion despite a cautious fundraising environment is a strong signal of confidence in the firm’s investment philosophy, which emphasizes scalable, commercially proven technologies and robust partnerships with experienced project developers.
Fund II Already Over 50% Committed to Projects Representing Over 2 GW
Even before the final close of Fund II, Excelsior had made significant progress in deploying its capital. To date, more than half of the fund—over 50%—has already been committed across 15 renewable energy investments. These projects collectively represent a generation capacity of 2.25 gigawatts (GW), with a primary focus on solar PV and battery energy storage.
Among the most notable developments under Fund II is the establishment of Lydian Energy, a wholly owned portfolio company that serves as a development and construction platform for utility-scale solar and battery energy storage projects across North America. Lydian Energy already has three large-scale projects currently under construction, all expected to reach commercial operation later this year.
Having grown rapidly, Lydian now employs around 50 professionals and serves as a core component of Excelsior’s long-term strategy to vertically integrate its development and operations capabilities. This expansion enables Excelsior to capture value across the lifecycle of energy projects—from early-stage development to asset management.
A Testimony to a Robust Strategy and a Committed Team
Excelsior’s success with Fund II comes at a time when many fund managers are facing challenges in securing capital, due to global economic uncertainty and heightened scrutiny around private investments. Against this backdrop, Alex Ellis, Co-Founder and Partner at Excelsior Energy Capital, described the firm’s successful raise as a clear validation of its track record and team capabilities:
“Exceeding our target, especially in this fundraising market, is a great outcome. The success of our Fund II fundraising is a testament to the strength of our investment strategy, the performance of our team, and the growing demand for sustainable infrastructure. We are deeply indebted to our limited partners for their support and the confidence they have in our ability to deliver on their respective investment plans.”
Ellis emphasized that Excelsior’s disciplined focus on projects with strong fundamentals, predictable cash flows, and sound regulatory frameworks has been instrumental in building trust among investors seeking stability in a changing energy landscape.
Strong Support from Development Bank of Japan
Shunsuke Motai, Senior Vice President at the Development Bank of Japan, highlighted the alignment between DBJ’s institutional goals and Excelsior’s strategic direction:
“We are proud to support Excelsior Energy Capital as a trusted manager with a strong investment track record and deep commitment to accelerating the energy transition. Excelsior’s experience and disciplined investment strategy align well with DBJ’s long-term investment priorities in the renewable energy sector.”
DBJ’s endorsement adds further weight to Excelsior’s credentials and affirms the importance of international collaboration in advancing renewable energy infrastructure in the U.S. and beyond.
Building on the Success of Fund I
Excelsior Energy’s first fund, Fund I, closed in 2021 with $504 million in committed capital and has since been fully deployed. It financed 16 renewable energy projects that collectively amount to 1.95 GW of installed capacity, spanning wind, solar, and battery storage assets. These investments not only generated strong returns for LPs but also contributed meaningfully to U.S. clean energy deployment during a crucial period of climate urgency.
Fund I laid the foundation for Excelsior Energy’s reputation as a reliable and impact-driven investor, and the successful deployment and performance of these projects were key to winning the confidence of investors in Fund II.
Legal and Advisory Support
Excelsior was advised by Sidley Austin LLP, with legal services led by Partner Patrick Michel and Senior Managing Associate Ellen Murphy. The placement agent services supporting the Fund II raise were provided by a consortium including DBJ Securities Co. Ltd., Probitas Partners, and The Trinity Group. Their collective efforts helped Excelsior navigate a complex and competitive fundraising landscape while achieving its stretch goals.
Scaling the Clean Energy Future
With over $1 billion in fresh capital and a pipeline of projects already underway, Excelsior Energy Capital is well-positioned to play a leading role in the ongoing transformation of America’s energy system. The firm’s focus on utility-scale renewable energy and storage projects will support grid reliability, enhance energy independence, and contribute significantly to national and state-level decarbonization goals.
As demand for renewable power continues to grow—driven by policy support, corporate clean energy commitments, and declining technology costs—Excelsior is expected to continue scaling its impact across the clean energy sector.
By combining disciplined investment with a mission to accelerate the energy transition, Excelsior Energy Capital is setting the stage for long-term value creation, both for its investors and for the broader global community working toward a net-zero future.
