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Direct Investment  + Alternative Assets  + M&As  + Real Assets  |  March 14, 2024
Blackrock Acquires Solar, Storage Portfolio from Excelsior
By: Joe Palmisano

Blackrock Acquires Solar, Storage Portfolio from Excelsior

BlackRock‘s Evergreen Infrastructure Partners Fund has bought a portfolio of 38 solar energy and solar plus storage projects from Excelsior Energy Capital, a renewable energy investor.

Excelsior divested its entire stake as part of the transaction.

The sale to BlackRock is Minneapolis, MN-based Excelsior’s first exit from its maiden fund, Excelsior Renewable Energy Investment Fund I LP. The fund, which was launched seven years ago and attracted capital commitments above its $500 million target, has invested in solar, wind, and battery storage projects across 10 states.

The project portfolio consists entirely of operational solar and battery storage distributed generation projects with a total nameplate capacity of 89 MWDC, which formed a sub-portfolio within Excelsior’s Fund I.

“We believe this diversified portfolio of long-term contracted commercial and industrial solar and storage projects represents an attractive platform investment for the core, open-ended Evergreen fund,” said James Berner, Managing Director and head of the Americas for BlackRock’s Evergreen Infrastructure Partners Fund.

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About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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