Captona

What Captona does

Captona is a North America-focused investment company dedicated to the energy transition, founded in 2015 and headquartered in New York. The firm invests in, owns, operates, and co-develops late-stage utility-scale renewable energy and clean fuels infrastructure projects across solar PV, battery energy storage systems (BESS), wind, microgrids, fuel cells, renewable natural gas (RNG), and hydrogen technologies. Since inception, the Captona team has deployed capital to acquire, construct, and operate 40+ infrastructure assets across North America with enterprise value close to $3 billion, including a 728MW/1.06GWh Texas BESS joint venture with UBS Asset Management, a near 1GWh BESS preferred equity position with esVolta in Texas, a food waste-to-RNG project with South Jersey Industries (SJI) and RNG Energy Solutions in Linden, NJ, and a 50/50 joint venture with SJI subsidiary Marina Energy called Catamaran Renewables.

The company's core financial product is a proprietary preferred equity investment structure that enables project developers to maximize the value of investment tax credits without entering into traditional tax equity partnerships. This structure has been replicated across multiple transactions with different partners, including Scale Microgrids, UBS Asset Management, esVolta, and through the Catamaran Renewables JV. Captona differentiates itself with internal technical capabilities spanning design/engineering (via Photon Renewables), an in-house asset management division, and an in-house operations and maintenance (O&M) team servicing portfolio assets. The GTM motion is sales-led and direct, targeting institutional investors seeking long-duration diversified cash-yielding assets and renewable energy developers seeking capital partnerships and tax credit monetization.

Captona's revenue derives from a mix of investment returns on owned/co-owned assets, fee income from internal asset management and O&M services provided to portfolio companies and joint ventures, and proceeds from asset exits. Pricing, management fees, and carried interest structures are not publicly disclosed. The firm has won the IJGlobal Energy Transition Deal of the Year (2023) for the Linden Renewable Energy project and an Engineering News-Record Best Energy/Industrial Project Award (2019) for the Gold Meadow Farms solar project, and maintains a multidisciplinary team combining investment, engineering, legal, and asset management expertise.

Name

Captona

Legal name

Captona LLC.

Website

https://captona.com

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

11–50 employees

Short description

Captona is a North America-focused energy transition investment firm that acquires, owns, operates, and co-develops utility-scale renewable energy and clean fuels assets, deploying a proprietary preferred equity structure to serve institutional investors and renewable energy developers.

Ownership category

akta.pro rank

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Asset Ownership and Investment Returns: Captona generates returns through owning, operating, and co-developing energy infrastructure assets. As an investor, owner, and operator, the firm pursues diverse generation assets to serve demands of an ever-changing energy landscape. Revenue derives from capital appreciation, cash yields from contracted or merchant energy generation assets, and proceeds from asset exits.
2. Asset Management and O&M Services: Captona provides asset management and operations & maintenance services through its internal service divisions, generating fee income from portfolio companies and joint ventures. Services include power plant monitoring, performance optimization, engineering, reporting, and construction oversight.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Captona is an investment company that owns, operates, and co-develops late-stage utility-scale renewable energy and clean fuels infrastructure assets across North America, including solar PV, battery energy storage, wind, microgrids, fuel cells, renewable natural gas (RNG), and hydrogen projects. The firm offers a signature preferred equity financing structure that enables developers to maximize tax credit value without traditional tax equity partnerships, and runs an internal asset management and operations and maintenance (O&M) division that services portfolio companies and joint ventures. Captona targets institutional investors with long-term horizons seeking diversified cash-yielding energy transition assets and preferred minority stake positions.

Product overview

Captona is a North America-focused energy transition investment firm that operates as an investor, owner, and operator of renewable energy infrastructure. The company offers a signature preferred equity financing structure for energy transition projects, enabling developers to optimize tax credit monetization. Captona's investment portfolio spans multiple clean energy technologies including utility-scale solar PV, battery energy storage systems (BESS), microgrids, fuel cells, renewable natural gas (RNG), hydrogen, and wind. The firm deploys capital across late-stage development, construction, and operating assets with internal technical, asset management, and O&M capabilities. Key investment vehicles include the Catamaran Renewables joint venture with South Jersey Industries for fuel cells, solar, and storage, as well as direct preferred equity investments in BESS portfolios with partners like esVolta and Scale Microgrids.

Differentiator

Problem solved

Functional benefit

Products and services

• Preferred Equity Investment Structure Proprietary preferred equity financing structure that allows renewable energy and clean fuels project developers to maximize the value of tax credits without the need for complicated tax equity partnerships. The structure has been repeated across multiple transactions with different partners, demonstrating scalability.
• Asset Management and O&M Services In-house operations and maintenance and asset management services including power plant monitoring, performance optimization, engineering, reporting, and construction oversight, provided to portfolio companies and joint ventures.
• Solar Investment Portfolio Utility-scale and commercial & industrial (C&I) photovoltaic (PV) solar projects across North America, including installations on landfills and brownfield sites, held and operated as part of Captona's investment portfolio.
• Battery Energy Storage Systems (BESS) Investments Utility-scale battery energy storage projects including the 728 MW/1.06 GWh portfolio in Texas (JV with UBS Asset Management) and three standalone utility-scale BESS projects delivering nearly 1 GWh across Texas (esVolta).
• Microgrid Investments Microgrid solutions including projects for off-grid cold storage facilities and municipal water districts, supporting energy savings and grid resiliency, including community solar portfolios in New York and California with Scale Microgrids.
• Fuel Cell Project Investments Fuel cell power generation projects with a 12.5 MW portfolio in the New York metropolitan area, delivering clean and reliable power through the Catamaran Renewables JV with South Jersey Industries.
• Renewable Natural Gas (RNG) Investments Food waste-to-RNG facilities utilizing anaerobic digestion technology, including the largest food waste-to-RNG project in North America via the Linden Renewable Energy project in Linden, NJ.
• Hydrogen Project Investments Blue and green hydrogen technology investments forming part of Captona's diversified clean fuels portfolio.
• Wind Project Investments Utility-scale onshore wind energy projects held as part of Captona's diversified renewable energy investment portfolio.
• Catamaran Renewables Joint Venture 50/50 joint venture between Captona and SJI subsidiary Marina Energy to develop, own and operate renewable energy projects (solar, storage, fuel cell, and other renewable assets) in Massachusetts and New York.

Quantifiable outcome

• 40+ infrastructure assets acquired, constructed, and operated across North America with enterprise value close to $3 billion
• +3 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

13 partnerships are on record, tiered core, minor and major.

• Scale MicrogridscoreStrategic or Co-development Partner · 10 September 2025Captona expanded its signature preferred equity program through a second transaction with Scale Microgrids, adding 19.5 MW of new microgrid and community solar projects in New York and California. The deal pushes the partnership's total asset value beyond $100 million. This follows a prior preferred equity investment and closing of a portfolio of community solar and microgrid assets in New York and California, demonstrating repeatability and scalability of Captona's preferred equity structure.
• Kirkland & Ellis LLPminorOthers · 10 September 2025Kirkland & Ellis served as legal advisor to Captona for the Scale Microgrids preferred equity transaction.
• esVolta, LPcoreStrategic or Co-development Partner · 27 January 2025Captona completed a preferred equity transaction in three standalone, utility-scale BESS projects (nearly 1 GWh) developed by esVolta in Texas. The projects (Anole, Desert Willow, and Burksol) are located in Seagoville, Midlothian, and Afton, Texas respectively, with expected commercial operations in H1 2025. esVolta is a portfolio company of Generate Capital.
• South Jersey Industries (SJI)coreStrategic or Co-development Partner · 20 December 2023Captona partnered with SJI (NYSE: SJI) and RNG Energy Solutions to construct the Linden Renewable Energy project, one of the largest food waste-to-RNG projects in the US. The partnership operates through various joint venture structures including Catamaran Renewables for solar, storage, and fuel cell assets.
• RNG Energy SolutionsmajorStrategic or Co-development Partner · 20 December 2023Partner in the Linden Renewable Energy food waste-to-RNG project in Linden, NJ, working alongside Captona and SJI to develop the largest food waste-to-RNG facility in the US.
• Consolidated Edison Solutions Inc.minorStrategic or Co-development Partner · 19 May 2022Seller of the Agawam Solar and Storage project (5.66 MW Solar and 5.2 MWh Storage) in Agawam, Massachusetts to Catamaran Renewables JV. An experienced multi-disciplined U.S.-based energy services company (ESCO).
• NineDot EnergyminorStrategic or Co-development Partner · 29 June 2021NineDot Energy, a renewable energy developer based in the NYU Urban Future Lab cleantech incubator in Brooklyn, NY, sold a 5 MW fuel cell project to Catamaran Renewables. The project is located in Bronx, New York.
• Catamaran Renewables (Joint Venture with Marina Energy/SJI)coreStrategic or Co-development Partner · 26 May 202150/50 joint venture between Captona and SJI subsidiary Marina Energy to develop, own and operate renewable energy projects. Catamaran brings over 1.3 GW of combined operational experience and has financed over $1 billion in renewable energy transactions. Portfolio includes solar, fuel cell, storage, and other renewable assets in Massachusetts and New York.
• OrrickminorOthersOrrick served as counsel to Scale Microgrids for the preferred equity transaction.
• Morgan Lewis & BockiusminorOthersMorgan Lewis & Bockius served as counsel to esVolta for the battery storage portfolio transaction.
• Troutman PepperminorOthersTroutman Pepper served as counsel for UBS Asset Management for the 728MW/1.06GWh battery storage portfolio joint venture.
• Allen Overy ShearmanminorOthersAllen Overy Shearman served as counsel for Scale Microgrids for the portfolio closing transaction.
• KarboneminorOthersKarbone is an award-winning financial services company founded by Captona CEO Izzet Bensusan, focused on renewable and traditional energy markets. Karbone has serviced utilities, energy developers, institutional investors, and investment firms via its Banking Capital Advisory, Brokerage and Research divisions.

Scale indicators11 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Generate Capital: Generate Capital is a leading specialty financier that deploys project-level and preferred-equity-style capital into renewable energy, storage, microgrids, and distributed infrastructure. Like Captona, it works alongside developers (including esVolta, a Generate portfolio company) using flexible capital structures and operates an internal asset management capability.
• CleanCapital: CleanCapital is a North America-focused financial sponsor that acquires and manages mid-market renewable energy projects, including solar and storage, using direct principal investments and preferred-style structures. Its clean-energy focus, asset management offering, and developer-partner GTM closely mirror Captona's model.
• Avantus (formerly 8point3 / 8minute): Avantus is a renewable energy developer/owner focused on utility-scale solar, storage, and clean energy infrastructure in North America with structured finance capabilities. It is a direct peer to Captona in serving the same institutional capital demand and competing for high-quality renewable operating assets.

Broad incumbents

• Brookfield Renewable Partners: Brookfield Renewable is a large-scale, publicly listed renewable energy operator and developer covering hydro, solar, wind, and storage globally. It competes for institutional capital mandates and operating-asset portfolios that Captona also targets, but at materially greater scale and balance-sheet capacity.
• Macquarie Asset Management (Green Investment Group): Macquarie's Green Investment Group invests across renewable power, storage, and energy transition infrastructure globally, including preferred and structured-equity solutions. It is a large incumbent that shares Captona's interest in institutional preferred-equity / structured solutions for energy transition projects.
• BlackRock Climate Infrastructure: BlackRock's Climate Infrastructure platform invests in renewable power, storage, and energy transition assets, often through large-scale fund vehicles. It is a broad incumbent comparable to Captona in targeting the same institutional investor pool for infrastructure cash yields, though at much larger fund sizes.
• Blackstone Infrastructure: Blackstone Infrastructure is a large-scale infrastructure investor with exposure to renewable power, storage, and the energy transition alongside broader infrastructure themes. It competes for institutional capital allocations similar to those Captona targets but with materially larger fund vehicles.
• Pattern Energy Group: Pattern Energy is a publicly traded renewable energy developer and operator with utility-scale wind, solar, and storage assets across North America. It is a broad incumbent comparable in technology coverage to Captona's portfolio, though it operates as a developer/owner-operator rather than a preferred-equity sponsor.
• Clearway Energy Group: Clearway Energy owns and operates a large portfolio of utility-scale and distributed renewable energy and storage assets in the US. It overlaps with Captona in the renewable infrastructure asset space, particularly solar and storage, and employs similar tax-equity and structured-capital techniques.

Emerging players

• Swift Current Energy: Swift Current Energy is a North America-focused developer of utility-scale solar and storage projects. It overlaps with Captona as a development partner/counterparty in the same geographies and is a meaningful emerging player in the same preferred-equity and tax-credit monetization conversations.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles20 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Captona