Investment Thesis
We will earn better risk-adjusted returns by investing on the right side of the climate change line.
Markets
Behind-the-Meter
Energy Efficiency
Distributed Solar
Storage
Grid-Connected
Wind
Solar
Storage
Sustainable
Infrastructure
Ecological Restoration
RNG
Transport
What We Do
We make investments in climate solutions by providing capital to leading companies in energy efficiency, renewable energy, and other sustainable infrastructure markets. Our goal is to generate attractive returns from a diversified portfolio of projects with long-term, predictable cash flows from proven technologies that reduce carbon emissions or increase resilience to climate change.
Our investments have taken many forms, including equity, joint ventures, land ownership, lending, or other financing transactions. We also generate ongoing fees through gain-on-sale securitization transactions, services, and asset management.
Investment Examples
Sustainable Infrastructure
Grid-Connected
Sustainable Infrastructure
Renewable Natural Gas (RNG)
>$125 million
Senior debt investment with an energy service company in a portfolio of operating Landfill Gas (LFG)-to-RNG and Wastewater Treatment Biogas (WWTPB)-to-RNG plant
Wind, Utility-Scale Solar
>$500 million
Equity investment in a 2.3 GW renewables portfolio of nine wind and four solar projects across five states, including large corporate and utility off-takers such as Amazon, Walmart and Xcel Energy
Ecological Restoration
<$40 million
Receivables investment with an environmental development firm in a tidal restoration project to restore wetland habitat and mitigate flood risk in the Sacramento River Delta
Behind-the-Meter
Grid-Connected
Sustainable Infrastructure
C&I Solar
>$50 million
Equity investment in a distributed portfolio of ~200 C&I projects, including high credit quality corporates such as FedEx and Target
Wind, Solar, Solar-Plus-Storage
>$660 million
Structured equity investment with Clearway Energy in a 2.0 GW portfolio of contracted, grid-connected wind, solar, and solar-plus storage projects, located across four states, with predominantly investment grade counterparties and a weighted average contract life of 14 years
Fleet Decarbonization
<$70 million
Investment with a sustainable transportation fleet provider to modernize the fleet services through software for a major metropolitan school district, and eventual electrification of the bus fleet
Behind-The-Meter
Public Private Partnership (P3)
>$100 million
Preferred equity investment in a P3 with the University of Iowa to operate, maintain, and upgrade university energy and water utilities in support of low carbon campus sustainability objectives
Grid-Connected
Wind, Utility-Scale Solar
>$500 million
Equity investment in a 2.3 GW renewables portfolio of nine wind and four solar projects across five states, including large corporate and utility off-takers such as Amazon, Walmart and Xcel Energy
Sustainable Infrastructure
Stormwater Remediation
<$10 million
Four separate projects to slow pollution runoff into downstream waterways across the Chesapeake Bay
Behind-The-Meter
C&I Solar
>$50 million
Equity investment in a distributed portfolio of ~200 C&I projects, including high credit quality corporates such as FedEx and Target
Grid-Connected
Utility-Scale Solar Land
>$100 million
Acquisition of 4,000 acres of land and lease streams underlying dozens of utility-scale solar projects with a capacity of nearly 700 MW
Behind-The-Meter
Green Real Estate
<$20 million
Joint venture to acquire government-backed securitized housing loans that incentivize energy and water efficiency investments