Excelsior Energy Capital Acquires Tax Equity Interests in Existing Portfolio Investment

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Excelsior Energy Capital (Excelsior), a leading independent North American renewable energy investor, announced today that its flagship fund Excelsior Renewable Energy Investment Fund I (the Fund) has closed on the acquisition of 100 percent of Santander Bank, N.A.s Class A tax equity interests in the 25 MWDC El Centro Solar Project (the Project), located in El Centro, California.

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Provider: 
Business Wire, Inc.Business Wire, Inc.
Retrieved on: 
Monday, September 27, 2021
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Tags: 
Alternative Energy, Energy, Professional Services, Finance, Multimedia, Acquisition, Santander Bank, Excelsior, Investment, Project, Wind, Renewable energy
Geotags: 
Minnesota, United States, NORTH AMERICA, EL CENTRO, CALIFORNIA, NORTH
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EXCELSIOR ENERGY CAPITAL
Summary
Key Points: 
  • Excelsior Energy Capital (Excelsior), a leading independent North American renewable energy investor, announced today that its flagship fund Excelsior Renewable Energy Investment Fund I (the Fund) has closed on the acquisition of 100 percent of Santander Bank, N.A.s Class A tax equity interests in the 25 MWDC El Centro Solar Project (the Project), located in El Centro, California.
  • This type of transaction allows the existing tax equity (Class A) investor to redeploy its capital into new renewable energy projects, fostering industry growth.
  • Anne Marie Denman, Partner at Excelsior, said: The acquisition of tax equity in Fund portfolio investments is an important investment strategy for Excelsior Energy Capital.
  • Excelsior Energy Capital is a pure-play renewable energy infrastructure fund focused on long-term investments in wind and solar power plants in North America.


Excelsior Energy Capital (“Excelsior”), a leading independent North American renewable energy investor, announced today that its flagship fund – Excelsior Renewable Energy Investment Fund I (the “Fund”) – has closed on the acquisition of 100 percent of Santander Bank, N.A.’s Class A tax equity interests in the 25 MWDC El Centro Solar Project (the “Project”), located in El Centro, California. Mitsubishi HC Capital Inc. and Shikoku Electric Power Co., will invest alongside the Fund to own the asset. The Project has a long-term power purchase agreement with an investment-grade public utility and benefits from over 8-years of operating history.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210927005260/en/

(Photo: Business Wire)

(Photo: Business Wire)

The Fund acquired the Class B cash equity interests in 2019 and plans to implement identified performance upgrades as it seeks to further optimize the Project. This transaction is a way for the Fund to deploy follow-on capital into existing investments while streamlining the capital structure. This type of transaction allows the existing tax equity (Class A) investor to redeploy its capital into new renewable energy projects, fostering industry growth.

Anne Marie Denman, Partner at Excelsior, said: “The acquisition of tax equity in Fund portfolio investments is an important investment strategy for Excelsior Energy Capital. The Excelsior team is already very familiar with the Project given its original investment of the El Centro Solar project’s cash equity interests in early 2019. With this investment Excelsior is able to optimize the Project’s capital structure and pursue other value-add strategies for what is already a very strong asset.”

About Excelsior Energy Capital

Excelsior Energy Capital is a pure-play renewable energy infrastructure fund focused on long-term investments in wind and solar power plants in North America. The Excelsior Team brings over 100 years of combined experience and a comprehensive set of strategic, financial, legal and operational expertise; making Excelsior Energy Capital a valuable partner for developers and operators, and a trusted manager for investors. For more information, visit http://www.excelsiorcapital.com.

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