Greenbacker Expands Private Equity Team

Greenbacker Capital Management (GCM), a renewable energy asset manager, has expanded its private equity investment team, with the appointment of Rahul Bhalodia as managing director of the Greenbacker Development Opportunities (GDEV) strategy.

GCM said Bhalodia’s appointment boosts the firm’s ability to continue scaling the strategy, which invests in growth-stage sustainable infrastructure development platforms.

Along with managing director and group head Ben Baker, who joined Greenbacker in 2020 to launch the strategy, Bhalodia will lead origination, execution, investment management and capital raising for GDEV.

Bhalodia brings over two decades of investment experience in renewables and the energy transition, during which he managed real assets, growth equity and venture capital investments.

Before joining GCM, Bhalodia’s career included stints at CPP Investments, Constellation Energy and Goldman Sachs.

“Rahul’s track record identifying, incubating, and scaling energy transition infrastructure companies at an inflection point in their growth makes him an excellent addition to Greenbacker and to the GDEV team,” said Baker.

Bhalodia recently finalized Greenbacker’s equity investment in Telyon, a renewable energy developer in the C&I solar sector. The partnership gives Greenbacker a significant minority stake in the company. Bhalodia also represents Greenbacker as a Telyon board director.

The team has also added two new associates, Lea Beylot-Lacroix, formerly at CohnReznick Capital, and Rushabh Nahar, who comes from Riverbend Energy Group.

GDEV’s first vehicle completed approximately a $150 million capital raise in early 2022, which was deployed across sustainable infrastructure platforms in the solar, hydro, battery storage and industrial decarbonization sectors.