Someone on Twitter (sorry, not going to call it by that other name, ever, as I’ll be clinging to the vestiges of what remains of the blue bird app like Leonardo DiCaprio in Titanic until its remnants slip beneath the waves into the black abyss) made a good point this week, which is surprising, I know.
The gist was that it’s one thing when the finance bros start squawking about stock market ups and downs. But when the bond folks start showing worry? It’s like seeing your father cry for the first time. You may not understand why it’s happening, but you know it means nothing good.
This tariff stuff has our industry on edge right now, regardless of where you work and how you lean politically. No matter where the roulette ball lands, the price of stuff is going to go up for many of the companies featured in this weekly roundup of deals and developments. Some may have trouble staying solvent.
“Banks don’t like uncertainty, planning that changes,” the CEO of North American solar manufacturer Heliene, Martin Pochtaruk, explained to me Thursday. “For all of the new businesses, whether they’re our competitors or somebody making salami, going out to get financing or a line of credit, this uncertainty is not helping anyone.”
Salami hockers, take heed: This reckless policy back-and-forth hurts your bottom line, too. But we can only sweat over the unraveling of the basis trade so much before we begin to unravel a bit ourselves.
So take five, kick back, and scroll through some financial finagling and project development announcements from the past week. If you’d like to submit a press release for next Friday’s compilation, send it to me. In the meantime, you ought to send a text to a long-forgotten friend and check in. See what’s up. Tell ’em I sent you- any excuse to connect. Be good, people.
Excelsior! Second Renewable Investment Fund Bags a Billion Bucks
North American renewable energy investor Excelsior Energy Capital has announced the final close of Excelsior Renewable Energy Investment Fund II, LP (Fund II), which attracted total capital commitments of more than $1 billion, surpassing its original $750 million target.
Excelsior’s Fund I, which closed at $504 million in 2021, has been fully deployed across 16 investments totaling 1.95 GW of wind, solar, and storage assets.
Anchored by the Development Bank of Japan Inc. (DBJ) and including investors from the U.S., Japan, Europe, Australia, and the Middle East, the new fund will continue to target equity in solar, wind, energy storage, and other energy transition projects across the United States.
What they’re saying: “We’re proud to build on the success of our inaugural fund and grateful for the trust our investors have placed in us,” said Chris Moakley, managing partner of Excelsior Energy Capital. “Fund II allows us to continue executing 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.”
To date, Fund II is more than 50% deployed, with capital committed to 15 investments, including solar and battery energy storage projects representing a combined 2.25 gigawatts (GW) of generation capacity. Excelsior has also established Lydian Energy, a utility-scale solar and battery energy storage system (BESS) developer, as its first portfolio company under Fund II.
Altus Power’s Wild Week
On April 8, Altus Power announced the acquisition of ten development-stage community solar projects in Maryland from Prospect14, a distributed solar energy development firm. Prospect14 will complete the projects. Once operational, the 58.4 megawatts (MW) of generation will participate in the Maryland Community Solar program, providing the benefits of clean electric power to approximately 8,000 customers, including an allocation specifically for low-to-moderate income households.
What they’re saying: “Altus Power has built a reputation for its ability to partner with solar developers to facilitate the deployment of distributed generation solar projects at every stage of the development process, and this transaction is an example of this trusted partnership at the early stages of development,” said Greg Roer, managing director at Altus Power.
That reputation must’ve spread quickly, because the next day, Altus Power broke the news that it was being acquired by TPG.
At a special meeting of the stockholders held Wednesday morning, Altus Power’s stockholders voted to adopt a previously announced agreement for Altus Power to be acquired by TPG through its TPG Rise Climate Transition Infrastructure strategy. Subject to the terms and conditions of a merger agreement, Altus Power stockholders will receive $5.00 in cash, without interest and minus any applicable withholding taxes, for each share of Altus Power Class A common stock owned immediately prior to the effective time of the merger, if completed.
“We thank our stockholders for their strong support of this transaction, which we believe unlocks significant value for our stockholders,” said Gregg Felton, CEO of Altus Power. “We look forward to closing the transaction, and in partnership with TPG, continuing to execute on our growth priorities, ensuring more businesses and communities have access to sustainable power.”
Completion of the transaction is expected to occur on April 16, 2025, subject to the satisfaction of closing conditions.
Fast-growing Texas home battery startup Base Power has raised $200 million in Series B funding, co-led by Addition, Andreessen Horowitz, Lightspeed Venture Partners, and Valor Equity Partners, with participation from existing investors Thrive Capital, Altimeter, Terrain, Trust, and more.
Base Power will use the money to expand its footprint across Texas and prepare to take its battery-powered home energy service national. The investment will also go toward building the first Base factory in Texas to meet growing demand while ensuring greater resilience, cost efficiency, and control as the company scales. The company recently announced a deal with homebuilder Lennar and landed its first utility partnership with Bandera Electric last month.
What they’re saying: “Our rapid expansion has allowed us to power up thousands of Texans in just a few months while driving their energy costs down and power reliability up. With this investment, we will continue to innovate on new grid solutions, establish our domestic manufacturing capabilities, and accelerate adoption nationally.” – Zach Dell, CEO and co-founder of Base Power
A Bridge to Somewhere: Sunraycer closes on $475M
Anapolis, Maryland-based Sunraycer Renewables, a developer, owner, and operator of clean energy power projects, has closed on a $475 million project financing facility with MUFG Bank, Nomura Securities International, and Norddeutsche Landesbank Girzonentrale.
The facility is divided between a construction-to-term loan and a tax credit bridge loan – a structure that has recently become available as a result of the ITC transferability provisions in the Inflation Reduction Act (IRA) and is becoming an increasingly popular way for developers to pump out a pipeline of projects.
The facility will support the construction and operations of two Sunraycer projects in Texas, totaling 241 MWac of solar and 125 MWac of paired battery energy storage systems, Gaia in Navarro County and Midpoint in Hill County. Both projects are expected to reach commercial operations later this year. This latest financing deal brings the total capital raised by Sunraycer to $675mm over the last six months.
What they’re saying: “This transaction reflects the next step in Sunraycer’s growth toward becoming a leading IPP in the United States,” said Sunraycer CEO David Lillefloren. “The financing further strengthens Sunraycer’s commitment to advancing clean energy initiatives across the U.S.”
“The Midpoint and Gaia assets will help meet growing demand in ERCOT and have material positive impacts on Texas ratepayers and the environment,” added Louise Pesce, managing director at MUFG.
Vesper Inaugurates Six-Square-Mile Solar Project
On Thursday, Texas-based developer Vesper Energy hosted a ribbon-cutting ceremony to celebrate the commercial operation of its flagship energy project, Hornet Solar, which is now fully operational.
Hornet Solar features more than 1.36 million modules and spans more than six square miles in Swisher County, Texas, making it one of the largest solar installations in the country. The project will contribute more than $100 million in new tax revenue to Swisher County and deliver 600 MWac of energy. Vesper Energy’s current development pipeline includes more than 55 solar and energy storage assets with a generating capacity of 17 GW.
What they’re saying: “Hornet Solar is a testament to how large-scale energy projects can deliver reliable, domestic power to American homes and businesses,” observed Juan Suarez, co-CEO at Vesper Energy. “This project isn’t just about solar panels—it’s about making energy more affordable while strengthening our nation’s energy security.” With Hornet Solar fully operational, we’re helping power a community with domestically generated electricity, ensuring businesses & communities have the energy they need to grow and thrive.”
