Excelsior Energy Capital Sells Solar Assets to BlackRock

Excelsior Energy Capital has sold a 38 solar energy and solar+storage project portfolio to BlackRock’s Evergreen Infrastructure Partners Fund, divesting its entire stake as part of the transaction.

The project portfolio consists of operational solar and battery storage distributed generation projects with a total nameplate capacity of 89 MW.

This transaction is the company’s first exit from its inaugural fund, Excelsior Renewable Energy Investment Fund I, which launched seven years ago and has invested in renewable projects across ten U.S. states. 

“This successful exit marks a proud milestone for the Excelsior team and validates our differentiated strategy for addressing North American renewable power generation,” says Chris Moakley, managing partner at Excelsior.

Excelsior was advised by Akin Gump, led by partner Dan Lynch, as well as Morgan Stanley and KeyBanc Capital Markets throughout the sale process. Latham & Watkins, along with KPMG, Natural Power and Thorndike Landing advised BlackRock.