(Bloomberg) – CleanCapital LLC, a New York-based renewables investor that manages more than $500 million in assets, is looking to raise up to $500 million in corporate equity to invest in solar and battery-storage projects.
The company is talking to pension funds, insurance companies, sovereign-wealth funds and infrastructure funds focused on North America that are seeking long-term investments, said Chief Executive Officer Thomas Byrne. It’s retained Javelin Capital as financial adviser. Byrne declined to identify potential investors.
CleanCapital’s equity raise comes amid a surge in investor interest for renewables, which are capturing a greater share of America’s power supply. Greater dependency on intermittent wind and solar power is also contributing to the emergence of battery storage capable of helping grids when the air is calm and the sun isn’t shining.
“If you believe that clean energy is going to be the primarily deployed source of energy over the next decade, you have to, by necessity, be bullish on storage,” Byrne said in an interview.
CleanCapital focuses on developing and aggregating small-scale solar projects — a segment of the sector that’s garnering more attention from institutional investors — and recently completed its first standalone battery deal. The company, which has partnerships with BlackRock Inc. and CarVal Investors that are nearing the end of their terms, expects to invest the money it raises over the next three years.