Excelsior Energy Capital
Excelsior Energy Capital is a private fund manager founded in 2017 that invests equity in North American utility-scale wind, solar, and battery storage projects, managing over $1.5 billion across two funds for institutional investors.
- Company typePrivate
- Founded2017
- HeadquartersExcelsior, United States
- Headcount1–10
- GTM typeB2B
- OfferingServices
What Excelsior Energy Capital does
Excelsior Energy Capital is a privately held fund manager founded in 2017 that invests equity capital in North American renewable energy infrastructure. The firm targets utility-scale wind, solar, and battery storage projects typically in the 10 MW to 300+ MW size range, sourcing deals through proprietary off-market channels and managing investments through an in-house portfolio operations team. The company oversees more than $1.5 billion in equity across two funds — the $504 million Fund I (final closed January 2021) and approximately $1 billion Fund II (closed April 2025) — and a portfolio exceeding 6.4 GW across 33+ investments spanning at least 10 U.S. states and Canada.
The firm operates a vertically oriented platform that includes direct acquisitions, joint ventures (e.g., 250 MW C&I solar JV with Unico Solar Investors, Minnesota Community Solar Garden work with Nokomis Partners), and a majority-owned in-house developer (Lydian Energy, launched April 2024 with an 18-project, 4.4 GW pipeline). Excelsior has built a domestic-supply-chain-aligned stack with multiyear procurement agreements for PV modules (Heliene, 2.0 GW) and battery storage systems (Fluence, 2.2 GWh; LG Energy Solution Vertech, 7.5 GWh), and uses dedicated O&M and compliance providers (Radian Generation, QE Solar). Named assets include the 682 MW Faraday Solar (Utah), the 200 MW Pintail Pass standalone storage (Texas), and the 109 MW Prairie Breeze wind portfolio (Nebraska).
Economically, Excelsior earns fund management fees and carried interest on its two private equity vehicles offered to qualified institutional limited partners (pension plans, fund-of-funds, asset managers, family offices, endowments, and other financial institutions globally). Long-duration contracted cash flows are generated through power purchase agreements with offtakers including Lincoln Electric Systems, City of Grand Island, Xcel Energy, Imperial Irrigation District, and various commercial and municipal customers. The firm monetizes investments through periodic divestitures, with notable exits being the March 2024 sale of 38 solar/storage projects (89 MWDC) to BlackRock's Evergreen Infrastructure Partners Fund and the announced February 2026 sale of an 830 MW portfolio to Enel Green Power North America for approximately $1 billion ($1.3 billion enterprise value).
Excelsior Energy Capital firmographics
Firmographics- Name
- Excelsior Energy Capital
- Legal name
- Excelsior Renewable Energy Management Company LP
- Website
- https://excelsiorcapital.com
- Company type
- Private
- Founded year
- 2017
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Excelsior Energy Capital is a private fund manager founded in 2017 that invests equity in North American utility-scale wind, solar, and battery storage projects, managing over $1.5 billion across two funds for institutional investors.
- Ownership category
- akta.pro rank
Excelsior Energy Capital industry classification
Industry- Product category
- Renewable Energy Infrastructure Fund Management
- NAICS
- Portfolio Management and Investment Advice (523940), Other Investment Pools and Funds (5259)
- SIC
- Investment Advice (6282), Investors, Nec (6799)
- akta.pro primary industry
- Renewables & Energy Transition Funds (Solar, Wind, Hydrogen, CCUS) (FSANAEAD)
- akta.pro secondary industries
- Renewable Energy Infrastructure (FSAAAKAG), Project Finance & Capital Structuring (Debt/Tax Equity/Project Bonds) (EUAMAAAD), Infrastructure & Energy Fundraising Placement (FSAEALAF)
Keywords
Where Excelsior Energy Capital is headquartered
LocationHeadquarters
- HQ city
- Excelsior
- HQ country
- United States
- HQ region
- North America
Offices3 records
Markets served
Excelsior Energy Capital business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure
Revenue model
- Fund Management Fees: Excelsior Energy Capital generates revenue through management fees and carried interest from its renewable energy infrastructure funds. The firm manages over $1.5 billion in equity capital across two active funds (Fund I and Fund II), with Fund II having closed above target at approximately $1 billion.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Multi-year contract | Private fund investment - not publicly priced |
Go-to-market motion1 record
Distribution channels1 record
Marketing channels4 records
Excelsior Energy Capital product offering
Product offeringCore offering
Excelsior Energy Capital is a private fund investment manager that raises and manages dedicated renewable energy infrastructure funds (Fund I and Fund II), deploying long-term equity capital into utility-scale wind, solar, and battery storage projects across North America. The firm originates and acquires ownership interests in operating and development-stage projects, and operates an in-house portfolio operations team that actively manages assets throughout the investment lifecycle from origination through exit.
Product overview
Excelsior Energy Capital operates as a private fund investment manager offering a unified investment platform focused on North American renewable energy infrastructure. The company manages two active funds (Fund I at $504M and Fund II at ~$1B) totaling over $1.5 billion in equity capital, investing across utility-scale wind, solar, and battery storage projects. The portfolio includes named projects such as Faraday Solar (682 MW, Utah), Prairie Breeze Wind (109 MW, Nebraska), and Pintail Pass Storage (200 MW, Texas), alongside portfolio company Lydian Energy which develops solar and battery storage assets totaling 1.75 GW. The firm targets projects ranging from 10MW to 300MW in size, with a combined portfolio exceeding 6.4 GWs across 33+ investments.
Differentiator
Problem solved
Functional benefit
Products and services
- Fund I (North American Renewable Energy Fund) Inaugural closed-end private equity fund that invests in middle-market wind and solar power plants across the United States and Canada; closed at $504 million with capital from limited partners in the United States, Japan, Europe, and the Middle East.
- Fund II Second closed-end private infrastructure fund that invests equity in utility-scale wind, solar, and battery storage projects across North America; closed at approximately $1 billion, substantially exceeding its target.
- Lydian Energy Independent power producer and Excelsior portfolio company that develops, constructs, and operates utility-scale solar and battery energy storage projects across North America, building an 18-project portfolio totaling 4.4 GW of capacity.
Quantifiable outcome
- Fund I portfolio generates more than 3,000 GWh of renewable energy annually at steady state operations
- +2 more outcomes
Companies that use Excelsior Energy Capital
Customer profileNamed customers9 records
Segments4 records
Ideal customer profiles3 records
Excelsior Energy Capital technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Excelsior Energy Capital partnerships and signals
Strategic signalPartnerships
Ten partnerships are on record, tiered core, supporting and key.
- Lydian EnergycoreLydian Energy is a portfolio company backed by Excelsior Energy Capital, an independent power producer specializing in utility-scale solar and battery storage development. Lydian is building an 18-project portfolio totaling 4.4 GW of capacity across the U.S., including AC Ranch Solar in New Mexico, Yellow Viking Solar in Texas, and Faraday BESS in Utah.
- LG Energy SolutioncoreExcelsior Energy Capital entered a multiyear 7.5 GWh agreement with LG Energy Solution Vertech to supply battery energy storage systems (BESS) for U.S. business. This partnership supports Excelsior's strategy to expand domestic energy storage manufacturing and supply chain resilience.
- Radian GenerationsupportingRadian Generation provides comprehensive compliance and cybersecurity services for Excelsior's 525 MWac Faraday Solar project in Utah County, which achieved Commercial Operation Date on September 30th.
- QE SolarsupportingQE Solar commenced operations and maintenance services for Excelsior's 682.5 MW Faraday Solar project in Utah, highlighting QE's expanding utility-scale solar operations across the U.S.
- Fluence EnergycoreExcelsior entered a multiyear agreement with Fluence Energy to develop 2.2 GWh of battery energy storage infrastructure using domestically manufactured battery cells primarily from Tennessee and battery modules from Utah, supporting domestic manufacturing and grid stability.
- HelienecoreExcelsior entered a multiyear agreement to acquire 2.0 GW of photovoltaic modules from Heliene, one of North America's fastest-growing domestic module manufacturers. Modules will be produced at Heliene's factory in Mountain Iron, Minnesota and a new factory planned for the Greater Minneapolis-St. Paul area.
- Unico Solar InvestorscoreExcelsior and Unico Solar Investors formed a long-term programmatic joint-venture partnership to build, own and operate 250 MW of commercial and industrial solar projects across North America. Unico Solar leverages its commercial real estate network to develop projects while Excelsior acquires them into its portfolio upon construction start.
- InvenergykeyExcelsior acquired 90.1% of Invenergy's sponsor equity interests in the combined 109 MW Prairie Breeze II and III wind projects in Nebraska. Invenergy remains as non-controlling part-owner and continues to provide O&M and asset management services.
- Nokomis PartnerskeyExcelsior partnered with Nokomis Partners on construction and operation of 16.5 MW Minnesota solar portfolio under the Minnesota Solar Community Garden program. The partnership has expanded to include additional project tranches.
- Syncarpha CapitalkeyExcelsior acquired 100% of sponsor equity interests in a 16.2 MW operating solar portfolio from Syncarpha Capital, with projects located in Massachusetts and Vermont having weighted average remaining contract term of 20.5 years.
Scale indicators12 records
Recent moves6 records
Expansion highlights6 records
Excelsior Energy Capital competitors and assessment
Company assessmentBroad incumbents
- Clearway Energy: Yieldco-style owner and operator of utility-scale wind, solar, and battery storage assets in the U.S. Like Excelsior, Clearway pursues long-term contracted renewable infrastructure investments, but operates as a publicly listed partnership rather than a private fund manager.
- NextEra Energy Partners: Contracted renewable energy yieldco that acquires and owns wind, solar, and battery storage assets with long-term PPAs across North America. Comparable in asset focus (utility-scale renewables, PPAs) but scaled and publicly traded; a potential acquirer of Excelsior-developed or -curated portfolios.
- Brookfield Renewable Partners: One of the world's largest publicly listed owners of hydroelectric, wind, solar, and storage assets. Compares to Excelsior's utility-scale renewables investment thesis and represents a major competitive incumbent as well as a likely acquirer of Excelsior-curated portfolios.
- Blackstone (Evergreen Infrastructure Partners): Acquired Excelsior's first Fund I exit (89 MWDC solar and storage portfolio) through its Evergreen Infrastructure Partners Fund. Operates one of the largest infrastructure platforms globally, including dedicated evergreen vehicles targeting North American clean energy.
- Innergex Renewable Energy: Canadian independent power producer that develops, owns, and operates hydroelectric, wind, solar, and energy storage facilities in North America and globally. Comparable in long-term contracted renewable infrastructure ownership model and PPA-structured cash flows.
Direct peers
- Hannon Armstrong Sustainable Infrastructure Capital: Publicly traded specialty finance and investment platform that invests in climate solutions including behind-the-meter and utility-scale renewable energy. Comparable direct peer in middle-market renewable infrastructure investing with similar tax-equity and project finance model.
- ArcLight Capital Partners: Boston-based private equity firm focused on energy infrastructure investments including renewable power. Most directly comparable in private-market renewable infrastructure fund management model, scale, and LP base; Ashley Nahmias, Excelsior's IR head, previously served 15 years at ArcLight.
- Stonepeak Infrastructure Partners: Private infrastructure investment firm with significant exposure to renewable and conventional power infrastructure across North America. Comparable in fund-based infrastructure investment model, GP-led structure, and middle-market utility-scale renewables strategy.
- Altus Power: Vertically integrated clean energy provider developing, owning, and operating commercial-scale solar and storage across the U.S. Comparable in middle-market C&I and utility-scale solar focus and in partnership-driven capital deployment model.
- Capstone Infrastructure Partners: Renewable energy and infrastructure investment manager targeting operating and development-stage clean energy projects. Compares directly to Excelsior in middle-market utility-scale renewables, project ownership, and institutional LP fund structure.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks7 records
Key highlights7 records
Customer concentration
Excelsior Energy Capital social profiles
Digital presenceExcelsior Energy Capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
Excelsior Energy Capital leadership team
Management profileNumber of profiles
Profiles14 records
Excelsior Energy Capital subsidiaries and ownership
Company hierarchySubsidiaries7 records
Excelsior Energy Capital funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Excelsior Energy Capital M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Excelsior Energy Capital
What does Excelsior Energy Capital do?
Excelsior Energy Capital is a private fund investment manager that raises and manages dedicated renewable energy infrastructure funds (Fund I and Fund II), deploying long-term equity capital into utility-scale wind, solar, and battery storage projects across North America. The firm originates and acquires ownership interests in operating and development-stage projects, and operates an in-house portfolio operations team that actively manages assets throughout the investment lifecycle from origination through exit.
Is Excelsior Energy Capital a public or private company?
Excelsior Energy Capital is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Excelsior Energy Capital founded?
Excelsior Energy Capital was founded in 2017. It employs 1 to 10 people.
Where is Excelsior Energy Capital based?
Excelsior Energy Capital is headquartered in Excelsior, United States, in the North America region.
How does Excelsior Energy Capital make money?
One revenue line is on record: fund Management Fees.
Who are Excelsior Energy Capital's main competitors?
Broad incumbents on record are Clearway Energy, NextEra Energy Partners, Brookfield Renewable Partners, Blackstone (Evergreen Infrastructure Partners) and Innergex Renewable Energy. Direct peers are Hannon Armstrong Sustainable Infrastructure Capital, ArcLight Capital Partners, Stonepeak Infrastructure Partners, Altus Power and Capstone Infrastructure Partners.
Does Excelsior Energy Capital have an API?
No public API is recorded for Excelsior Energy Capital.
What industry is Excelsior Energy Capital in?
Excelsior Energy Capital's product category is Renewable Energy Infrastructure Fund Management. Its primary akta.pro industry code is FSANAEAD, Renewables & Energy Transition Funds (Solar, Wind, Hydrogen, CCUS), with a secondary code of FSAAAKAG, Renewable Energy Infrastructure. Its NAICS code is 523940 and its SIC code is 6282.