Sustainable Infrastructure
kWh Analytics pioneers first-of-its-kind parametric wind proxy hedge for Greenbacker with Munich Re, MUFG
kWh Analytics, the market leader in Climate Insurance, announced the successful close of a groundbreaking wind proxy hedge risk transfer product for a 59MW, 14-turbine wind project in Maine, developed by a Greenbacker Capital Management affiliated investment vehicle that invests in sustainable infrastructure assets. Alberto Mihelcic Bazzana, Director at MUFG, said: “As a leader in project finance, MUFG is pleased to partner with Greenbacker, kWh Analytics, and Munich Re in developing new financing solutions that can expedite the energy transition process.”
Lightshift Energy raises $100 million from Greenbacker Capital Management to expand utility scale battery storage across North America
Lightshift Energy, formerly known as Delorean Power, announced capital infusions totaling $100 million from Greenbacker Capital Management LLC (“GCM”). The company has secured $20 million from a GCM-affiliated investment vehicle dedicated to making growth equity investments in sustainable infrastructure development platforms. These funds will be used to scale Lightshift’s team, accelerate sales, and grow its pipeline. In addition, Lightshift has secured $80 million from a second GCM-affiliated investment vehicle that invests in sustainable infrastructure assets. This capital will support the construction and operations of Lightshift’s portfolio.
Greenbacker Capital Management’s largest clean energy asset to date enters commercial operation
Greenbacker Capital Management announced that its largest operating asset to date has entered commercial operation. The 240 MWdc / 200 MWac utility-scale Appaloosa Solar 1 began delivering solar energy on January 24, 2024, helping contribute to Meta’s 100% renewable energy and net zero goals. In addition to representing a company milestone, the financing for the project also marked one of the first tax equity transactions to utilize the solar production tax credit newly expanded by the Inflation Reduction Act.
Greenbacker announces new Chief Financial Officer, expands team with new Head of Infrastructure and Head of Capital Markets
Greenbacker is pleased to announce the appointment of Christopher Smith, CFA as CFO, effective February 1, 2024. Greenbacker also welcomes Daniel De Boer as Head of Infrastructure and Carl Weatherley-White as Head of Capital Markets. These newly created roles, integral to the firm’s growth, underscore Greenbacker’s expanding strategy, capability, and commitment to investing in the energy transition.
Growth Capital
3V Infrastructure launches to expand access to EV charging and accelerate widespread adoption of electric vehicles
3V Infrastructure, a new electric vehicle charging infrastructure owner and operator, announced its formation today and has secured a commitment of up to $40 million from an affiliate of Greenbacker Capital Management that provides strategic growth capital to leading energy transition companies. “Greenbacker is thrilled to partner with the founders of 3V to tackle the Level 2 charging space,” said Quinn Pasloske, Principal at Greenbacker. “Working with real estate owners to deliver accessible, affordable charging to their tenants presents an extremely attractive risk-adjusted return. 3V brings an infrastructure mindset to an emerging market and, as an early mover, aims to capitalize on the long-term fundamental value of the sector.”
Greenbacker Development Opportunities releases 2023 Impact Report
The Greenbacker Development Opportunities Funds (collectively, “GDEV”), investment vehicles affiliated with Greenbacker Capital Management that make growth capital investments in sustainable infrastructure and renewable energy platforms, have released their 2023 Impact Report. “GDEV is focused on enabling the development of renewable power generation and the transition to a carbon-free electrical grid,” said Benjamin Baker, Managing Director of GDEV. “We’re proud to showcase our steadfast commitment to clear and actionable policies within Greenbacker and across our portfolio companies to work towards a brighter, greener future.”
Lightshift Energy raises $100 million from Greenbacker Capital Management to expand utility scale battery storage across North America
Lightshift Energy, formerly known as Delorean Power, announced capital infusions totaling $100 million from Greenbacker Capital Management LLC (“GCM”). The company has secured $20 million from a GCM-affiliated investment vehicle dedicated to making growth equity investments in sustainable infrastructure development platforms. These funds will be used to scale Lightshift’s team, accelerate sales, and grow its pipeline. In addition, Lightshift has secured $80 million from a second GCM-affiliated investment vehicle that invests in sustainable infrastructure assets. This capital will support the construction and operations of Lightshift’s portfolio.
Revolv secures $25 million in project financing for EV fleets
Revolv, a leading full-service provider of electric commercial fleets, today announced it has raised $25 million in equity project financing to fund the deployment of fleet electrification projects in the United States. Made possible by a commitment from Greenbacker Capital Management through an affiliated investment vehicle focused on sustainable infrastructure, the new Revolv facility will be the first dedicated non-recourse financing facility for commercial EVs and charging stations in North America.
Sustainable Real Estate
Greenbacker grows investments team to continue push into Energy Transition Real Estate, hires new Head of Acquisitions
Greenbacker Capital Management is pleased to announce the expansion of its real estate investments team with the hire of Evan Sherman as Head of Real Estate Acquisitions. Sherman’s addition bolsters the capabilities of GCM’s fourth sustainability-driven investment strategy, which focuses on acquiring undervalued real estate where the company can leverage access to the grid to host distributed generation, storage, and EV charging infrastructure. Sherman rejoins former Blackstone colleague, David Zackowitz, who launched Greenbacker’s sustainable real estate business in 2023.
Greenbacker hires new Head of Real Estate Investments
Greenbacker Capital Management is pleased to announce that David Zackowitz has been hired as the firm’s new Head of Real Estate Investments. He will lead GCM’s fourth sustainability driven investment strategy, focused on acquiring commercial and residential property where the company can reduce emissions and energy use intensity, as well as add additional sources of renewable power.
Corporate Financing
Greenbacker secures $92 million financing for storage and solar portfolio
Greenbacker Capital Management has entered into a $92 million financing agreement with BMO. The financing package—which includes a construction to term loan, tax equity bridge loan, term loan commitment, and letter of credit facility—will be used to support construction of the company’s largest standalone battery energy storage system (BESS) project to date, the 30 MW / 120 MWh Holtville BESS, as well as a number of community solar projects.
Greenbacker secures $75 million in warehouse facility financing
Greenbacker has closed on a new warehouse financing facility in an initial aggregate principal amount of $75 million, with the potential to increase up to $250 million. Greenbacker will deploy borrowings from the facility into investments across its solar, solar-plus-storage, and standalone energy storage portfolios.
Greenbacker partners with RBC Community Investments to complete one of clean energy industry’s first solar PTC deals
The $148 million financing commitment—one of the first ever tax equity deals to utilize the solar production tax credit—will help finance Greenbacker Capital Management’s largest solar power project to date: the 240 MWdc Appaloosa Solar project in Iron County, Utah.
Greenbacker closes new $150 million senior secured sustainability revolving credit facility
Greenbacker announced that it completed the closing of a new $150.0 million senior secured sustainability revolving credit facility. The closing of the credit facility reaffirms Greenbacker’s position among renewable energy companies as a well-capitalized owner and operator with access to capital through market cycles.
