Investors including Canada Pension Plan Investment Board (CPP Investments), Longbow Capital and ArcTern Ventures have backed Clir Renewables’ latest fundraising.

Clir, a company dedicated to maximising project returns from renewable energy assets, said its C$27m (€18.4m) Series B funding round, was co-led by Longbow and ArcTern, and included CPP Investments, BDC Capital, Active Impact Investments and Tokio Marine HCC.

Clir said the capital will allow the company to “further develop ‘smart’ products, utilising industry-wide data to evaluate technical and financial risk with more accuracy, enabling improved contractual and financing terms for owners and investors”.

The funding will also enable the firm to accelerate its growth within the existing European and North American markets, as well as grow its presence in Latin America, Africa and Asia-Pacific.

Gareth Brown, CEO at Clir Renewables, said: “We are delighted that our investors want to bring more than just capital to Clir by acting as strategic partners and customers of the business. This is the best possible endorsement of our technology and the gains the platform helps asset owners to achieve.”

Tyson Birchall, managing director of Longbow Capital, said: “Longbow’s mission is to support companies that take an innovative approach to bringing energy to the world in the most efficient, cost-effective and environmentally responsible manner.

”Clir mirrors this mission completely, and Gareth and the team have demonstrated that they have the skills, experience and motivation to become a driving force behind the energy transition while building value for their shareholders.”

Tom Rand, Managing Partner of ArcTern Ventures said: “As the renewable energy industry builds sufficient scale to reduce climate risk, Clir’s technology enables critical efficiencies across that infrastructure. They cut their teeth with operational efficiency, of course, but now can extend value across the capital stacks associated with that scale of infrastructure.”

Bruce Hogg, managing director, head of the sustainable energy group, CPP Investments, said: “Clir is fast becoming a critical Canadian player in the renewables space and this investment is a strong fit within our innovation, technology and services strategy in our newly formed sustainable energy group.

”Clir’s existing and emerging capabilities provide a powerful solution for renewable energy optimization. We are already witnessing the impact of Clir’s technology first-hand in the performance of existing wind assets within our portfolio.”

To read the digital edition of the latest IPE Real Assets magazine click here