GREENBACKER CAPITAL MANAGEMENT UPDATES

Sustainable Infrastructure

Lightshift Energy raises $100 million from Greenbacker Capital Management to expand utility scale battery storage across North America

By GCM | March 28, 2024

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

By GCM | February 14, 2024

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

By GCM | February 1, 2024

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. 

Greenbacker clean energy project financing

Greenbacker secures $92 million financing for storage and solar portfolio

By GCM | December 14, 2023

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.

Growth Capital

Lightshift Energy raises $100 million from Greenbacker Capital Management to expand utility scale battery storage across North America

By GCM | March 28, 2024

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-EV-energy-transition-investment-Revolv

Revolv secures $25 million in project financing for EV fleets

By GCM | November 16, 2023

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.

Greenbacker Principal Quinn Pasloske discusses infrastructure investment opportunities in the energy transition, including the company’s first investment in green molecules

By GCM | October 25, 2023

Quinn Pasloske joined the Invested in Climate podcast alongside Ben…

Rahul Bhalodia Greenbacker Managing Director

Greenbacker Development Opportunities expands private equity investment team

By GCM | October 11, 2023

Greenbacker Capital Management is pleased to announce that it has expanded its private equity investment team, hiring Rahul Bhalodia as a managing director of the Greenbacker Development Opportunities strategy. Bhalodia augments the firm’s ability to continue scaling the strategy, which invests in growth-stage sustainable infrastructure development platforms. Additionally, new associates Lea Beylot-Lacroix and Rushabh Nahar will support the strategy’s efforts to identify and partner with leading development teams, fund their growth, and help them scale into mature platforms.

Sustainable Real Estate

Greenbacker grows investments team to continue push into Energy Transition Real Estate, hires new Head of Acquisitions

By GCM | April 2, 2024

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.

The power play: Distributed energy resources

By GCM | January 29, 2024

Today there is an unparalleled opportunity to create value by hosting and monetizing multiple onsite distributed energy resources (DERs). Proximity to strategic grid interconnection is key to facilitating the storage and sale of power, which can provide benefits like additional revenue, energy resilience, and rental appeal for both property owners and tenants.

David Zackowitz Head of Real Estate Greenbacker

Greenbacker hires new Head of Real Estate Investments

By GCM | August 17, 2023

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 clean energy project financing

Greenbacker secures $92 million financing for storage and solar portfolio

By GCM | December 14, 2023

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 

By GCM | August 18, 2023

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 solar power clean energy investment

Greenbacker partners with RBC Community Investments to complete one of clean energy industry’s first solar PTC deals

By GCM | August 10, 2023

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 agrivoltaics solar energy

Greenbacker closes new $150 million senior secured sustainability revolving credit facility

By GCM | November 29, 2022

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.