Greenbacker Capital increases Clear Energy ownership stake to support hydro acquisitions
Greenbacker Capital Management is increasing its investment in Denver, Colorado-based Clear Energy Renewables, an owner-operator of hydroelectric power generation facilities in New York, to support Clear Energy’s growth and enable the company to acquire additional hydro facilities in New York State, according to a press release.
The transaction follows Greenbacker’s initial investment in Clear Energy in late 2020, which the latter used to acquire and modernize two hydro assets in New York, while upgrading a third facility in the state that it already owned. Clear Energy will use the proceeds of Greenbacker’s additional investment to finance the acquisition and upgrade of two more hydro facilities in New York.
The Clear Energy investment is not the only recent investment the firm has made in clean energy on the East Coast.
Greenbacker also this summer announced that an affiliate fund was making a strategic investment in CEP Solar of Virginia, to expand and execute on a 1 GW pipeline of solar and storage projects planned for the state.
The 2020 Virginia Clean Economy Act, mandating that Dominion Energy be carbon free by 2045 and Appalachian Power be carbon free by 2050, influenced the firm's decision to invest in CEP Solar, Ben Baker, the fund’s principal, and Managing Director at Greenbacker, told NPM earlier this month.
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