Fund II continues Excelsior’s strategy of deploying equity into utility-scale solar, energy storage, wind, and broader energy transition assets across the United States.

Anchored by the Development Bank of Japan (DBJ), the fund attracted a diverse group of limited partners from the US, Japan, Europe, Australia, and the Middle East. The investor base includes strong re-ups from Fund I participants, along with commitments from pension funds, insurance companies, fund-of-funds, asset managers, endowments, and family offices.

More than half of Fund II’s capital is already deployed across 15 investments, representing 2.25 GW of solar and battery storage capacity. The fund has also seeded Lydian Energy, a new portfolio company focused on developing and constructing utility-scale solar and storage projects across North America. Lydian currently has three large-scale assets under construction and a growing team of around 50 professionals.

Excelsior’s first fund, which closed at $504m in 2021, is fully committed across 16 investments totalling 1.95 GW of generation capacity.

Sidley Austin acted as legal counsel to Excelsior, led by Partner Patrick Michel and Senior Managing Associate Ellen Murphy. Placement agent services were provided by DBJ Securities, Probitas Partners, and The Trinity Group.