Australia markets closed
  • ALL ORDS

    7,674.20
    +54.00 (+0.71%)
     
  • ASX 200

    7,362.00
    +50.30 (+0.69%)
     
  • AUD/USD

    0.7425
    +0.0004 (+0.06%)
     
  • OIL

    82.66
    +1.35 (+1.66%)
     
  • GOLD

    1,768.10
    -29.80 (-1.66%)
     
  • BTC-AUD

    82,424.40
    +905.74 (+1.11%)
     
  • CMC Crypto 200

    1,464.06
    +57.32 (+4.07%)
     
  • AUD/EUR

    0.6396
    +0.0002 (+0.03%)
     
  • AUD/NZD

    1.0486
    -0.0054 (-0.52%)
     
  • NZX 50

    13,012.19
    -36.30 (-0.28%)
     
  • NASDAQ

    15,146.92
    +94.50 (+0.63%)
     
  • FTSE

    7,234.03
    +26.32 (+0.37%)
     
  • Dow Jones

    35,294.76
    +382.20 (+1.09%)
     
  • DAX

    15,587.36
    +124.64 (+0.81%)
     
  • Hang Seng

    25,330.96
    +368.37 (+1.48%)
     
  • NIKKEI 225

    29,068.63
    +517.70 (+1.81%)
     

Excelsior Energy Capital Acquires Tax Equity Interests in Existing Portfolio Investment

·2-min read

EXCELSIOR, Minn., September 27, 2021--(BUSINESS WIRE)--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)

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210927005260/en/

Contacts

Alex Ellis
aellis@excelsiorcapital.com

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting