Greenbacker pockets USD 142m for sustainable infrastructure fund

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March 9 (Renewables Now) - Sustainable infrastructure investor Greenbacker Capital Management LLC on Tuesday said it has raised USD 142 million (EUR 130.1m) for its first sustainable infrastructure private equity fund and announced its first investments.

The Greenbacker Development Opportunities Fund I (GDEV) has almost reached its hard cap of USD 150 million. Set up in October 2020, the fund provides capital to developers of renewable energy and sustainable infrastructure projects. Additionally, it leverages the broader Greenbacker platform to offer advisory services related to project development, construction and operation of renewable energy facilities.

Among GDEV’s investors is a fund managed by Aether Investment Partners, UK-based asset manager Abrdn and the pension fund of Ontario Power Generation, which has invested USD 40 million and is the largest partner in GDEV.

The fund has made its first eight deals to invest in a range of clean energy technologies, including solar photovoltaic (PV), hydropower and battery storage. GDEV also has an appetite for projects in the electric vehicle (EV) market.

“GDEV’s successful fundraising shows that there is significant investor appetite for opportunities to fund the energy transition,” said Charles Wheeler, President of Greenbacker Capital.

(USD 1.0 = EUR 0.917)

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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