GDEV | Greenbacker Development Opportunities Fund

GREENBACKER DEVELOPMENT OPPORTUNITIES FUND

GDEV 2022 Impact Report

Download our report to learn about our mission, team, and ESG impact.

GDEV makes growth capital investments in developers and operators of renewable energy and sustainable infrastructure projects. The fund’s investment team leverages its deep experience in project development, structured finance, and operations to identify best-in-class management teams and help them navigate periods of significant growth and change. GDEV also leverages the broader Greenbacker platform, bringing to bear the firm’s robust technical, operational, and capital markets capabilities for the benefit of its investors and portfolio companies.

GDEV invests across a wide range of sustainable infrastructure and renewable energy technologies, including (but not limited to) solar photovoltaic power generation, hydroelectric power generation, battery storage, energy efficiency, microgrids and waste-to-value. The fund makes corporate investments across the capital structure with a primary focus on equity investments.

TEAM

BEN BAKER

Ben is the Managing Director of Greenbacker Development Opportunities Fund, leading the origination and execution of Greenbacker’s growth capital investments. He brings deep experience across the renewable energy industry, having held positions in both development (Delaware River Solar, Safari Energy) and private equity (Hudson Clean Energy, GE EFS). Ben began his career in power and utilities investment banking and holds both a BA and MBA from Columbia University.

BEN BAKER

MANAGING DIRECTOR, GDEV

RAHUL BHALODIA

Rahul is a Managing Director of Greenbacker Development Opportunities Fund, leading origination, execution, investment management, and capital raising for Greenbacker’s growth capital and asset platform investments. He joined the company in 2023, bringing over 20 years of investment experience in the renewables and energy transition industries, during which time he managed investments in real assets, growth, and venture opportunities at organizations including CPP Investments, Constellation Energy, and Goldman Sachs. Rahul received a BA in Computer Science and Economics from Swarthmore College and an MBA in Finance from The Wharton School of the University of Pennsylvania.

RAHUL BHALODIA

MANAGING DIRECTOR, GDEV

TRIXIE BLAIR

TRIXIE BLAIR

PRINCIPAL, GDEV

JEROME BRIENS

JEROME BRIENS

AVP, GDEV

DANIEL DRUCKER

DANIEL DRUCKER

FUND CONTROLLER, GDEV

JOSEPH NANO

JOSEPH NANO

VP, GDEV

QUINN PASLOSKE

Quinn is a Principal in the Greenbacker Development Opportunities Fund , working on principal investments, fundraising and portfolio management – he joined the newly formed group in 2021. Prior to Greenbacker, he held multiple direct investing positions on both the buy side, and sell side, of the energy industry focused primarily on renewable direct investment. Before joining Greenbacker, Quinn worked at Nomura for four years where he was a founding member of the infrastructure and power finance group. During his tenure at Nomura, he led the underwriting of over $1.5bn of credit products to renewable energy assets and portfolios. Before Nomura, Quinn was in NRG’s corporate finance group, working on M&A transactions, project financings and corporate financings. Quinn graduated from Fordham University with degrees in Economics and Sustainable Business.

QUINN PASLOSKE

PRINCIPAL, GDEV

BRUCE USHER

Bruce Usher is a member of the GDEV Investment Committee. On a full-time basis, he is a Professor of Professional Practice and the Elizabeth B. Strickler '86 and Mark T. Gallogly '86 Faculty Director of the Tamer Center for Social Enterprise at Columbia Business School. Professor Usher teaches on the intersection of finance, social and environmental issues, and is a recipient of the Singhvi Prize for Scholarship in the Classroom, the Lear Award, and the Dean’s Award for Teaching Excellence.

Professor Usher has written numerous cases for use in business school courses, with a primary focus on climate change and business. In 2019, Usher published Renewable Energy: A Primer for the Twenty-First Century (Columbia University Press), the first in the Earth Institute’s sustainability series of books.

Prior to his work at Columbia, Professor Usher was CEO of EcoSecurities Group plc, which developed greenhouse gas emission reduction projects in developing countries. EcoSecurities was acquired by JP Morgan in 2009. Professor Usher was previously the co-founder and CEO of TreasuryConnect LLC, which provided electronic trading solutions to banks and was acquired in 2001. Prior to that, he worked in financial services for twelve years in New York and Tokyo. Professor Usher is an active investor and advisor to entrepreneurial ventures focused on climate change and clean energy (UsherWorks.com). He is a board member of Community Energy, OptiRTC, and CapShift, and is Chair of the Tamer Fund for Social Ventures. Usher earned an MBA from Harvard Business School.

BRUCE USHER

GDEV INVESTMENT COMMITTEE MEMBER

CINDY WEI

CINDY WEI

AVP, GDEV

ALEXANDER WORTHY

ALEXANDER WORTHY

AVP, GDEV

Portfolio

FUND GDEV I

SECTOR Solar, battery storage

STATUS Unrealized

DATE 4Q2020

Strategic investment in Chaberton Energy, a developer of solar photovoltaic projects in the Mid-Atlantic region

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FUND GDEV I

SECTOR Solar, battery storage

STATUS Unrealized

DATE 3Q2021

Strategic Investment in CEP Solar, a developer of distributed and utility-scale solar and storage projects in Virginia

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FUND GDEV I

SECTOR Storage

STATUS Unrealized

DATE 4Q2021

Strategic investment in Delorean Power, a developer of battery storage assets in the Northeast and Mid-Atlantic regions

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FUND GDEV I

SECTOR Hydroelectric

STATUS Realized

DATE 4Q2020

Strategic investment in Dichotomy Power, an owner-operator of small hydroelectric generating facilities in the Northeast

FUND GDEV I

SECTOR Hydroelectric

STATUS Unrealized

DATE 4Q2020, 1Q2023

Strategic investment in Elevate Power, an owner-operator of small hydroelectric generating facilities in the Northeast and other select markets; Elevate Power is the successor entity to Clear Energy Renewables which acquired Dichotomy Power in May 2023

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FUND GDEV I

SECTOR Solar, battery storage

STATUS Realized

DATE 4Q2020

Strategic investment in Encore Renewable Energy, a developer of solar photovoltaic and battery storage projects in the Northeast

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FUND GDEV I

SECTOR Solar, Floating Solar

STATUS Unrealized

DATE 1Q2022

Strategic investment in Noria Energy, a California-based developer of behind-the-meter floating and ground-mounted solar projects

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FUND GDEV I

SECTOR Solar

STATUS Unrealized

DATE 4Q2020

Strategic investment in OYA Solar, a developer of community solar projects focused on New York

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FUND GDEV I

SECTOR Energy efficiency, microgrids

STATUS Unrealized

DATE 3Q2022

Strategic investment in Renew Energy Partners, a distributed generation, microgrid, and energy efficiency company helping companies across the US

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FUND GCM Affiliated Fund

SECTOR Electric Fleets

STATUS Unrealized

DATE 4Q2022

Strategic Investment in Revolv Global Inc. a company focused on transitioning conventional corporate small and medium sized fleets to electric

FUND GDEV I

SECTOR Storage, battery storage

STATUS Unrealized

DATE 2Q2022

Strategic investment in Sunrock Distributed Generation, a developer, owner and finance partner for commercial solar and storage projects across the US

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FUND GCM Affiliated Fund

SECTOR Solar, Battery Storage

STATUS Unrealized

DATE 4Q2022

Strategic investment in Sunstone Credit Inc., a solar loan financing platform focused on small- and medium-sized businesses across the U.S.

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FUND GDEV I

SECTOR Battery Storage, Virtual Power Plants

STATUS Unrealized

DATE 3Q2022

Strategic investment in Swell Energy, Inc., a developer and operator of battery-based virtual power plants focused on high-value markets across the U.S.

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FUND GCM Affiliated Fund

SECTOR Solar, Battery Storage, EV Charging

STATUS Unrealized

DATE 3Q2023

Strategic investment in Telyon, a developer of solar, battery storage, and EV charging projects located on commercial and industrial sites across the US

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FUND GCM Affiliated Fund

SECTOR Battery Storage, Multi-Asset Optimization

STATUS Unrealized

DATE 2Q2023

Strategic investment in Peak Power, Inc., a battery storage developer and a multi-asset software platform focused on commercial & indusrial customers across the US and Canada

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FUND GCM Affiliated Fund

SECTOR Waste-to-Value, Biofuels

STATUS Unrealized

DATE 2Q2023

Strategic investment in Nexus PMG, an industry-leading advisor to low-carbon infrastructure investors and a developer and owner of waste-to-value projects across north America, including renewable natural gas and sustainable fuel projects

GDEV PORTFOLIO ACTIVITY

More GCM Updates

Swell Energy Raises $120 Million to Bring Total Solar and Battery Virtual Power Plants to 600 MWh

By GCM | November 22, 2022

Greenbacker invests in energy efficiency platform Renew Energy Partners

By GCM | August 2, 2022

Greenbacker announces investment in commercial solar and storage platform Sunrock Distributed Generation

By GCM | June 2, 2022

Greenbacker Capital’s debut private equity fund closes near its funding cap

By GCM | March 8, 2022