The company has now successfully raised US$1 billion. Image: CleanCapital

Solar and storage investor CleanCapital has secured a US$500 million investment from Manulife, a global financial services group. This followed a US$300 million initial cash injection from Manulife in 2021.

CleanCapital said that the new funding will go towards developing early-stage solar and storage projects and continue to acquire US renewable energy assets; last summer the company bought renewables developer BQ Energy and its 300MW project pipeline.  

The company’s portfolio focuses on distributed generation projects, currently totalling 400MW across 26 states, and corporate investments in renewable energy developers.

Thomas Byrne, CEO of CleanCapital said of the investment: “Our team’s climate investing capabilities, combined with our rigorous and highly institutionalised process, have earned the trust of the world’s leading institutional investors. This is our largest raise to date and will enable CleanCapital to play a key role in leading the energy transition to meet our nation’s net zero emissions targets.”

The company also announced that it had surpassed US$1 billion in secured funding with this most recent investment. The original US$300 million from Manulife was built on by a US$200 million credit facility in May 2022.

Melinda Baglio, chief investment officer and general counsel at CleanCapital, said: “We are proud to announce that we’ve deployed US$1 billion into funding the clean energy transition. The projects that CleanCapital owns and manages generated 200GWh of clean energy last year…This funding, along with our established debt and tax equity facilities, will enable us to exponentially grow that impact through our own 1.4GW development pipeline and future acquisitions and investments.”

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Will Norman