North American renewables fund manager Excelsior Energy Capital has so far raised two thirds of a $750m (€697m) target for its second flagship fund.

The energy transition investor said the first close of its Excelsior Renewable Energy Investment Fund II received $502m in capital commitments.

The initial fundraising was led by five limited partners in Excelsior’s first flagship fund, along with two new investors, the manager said.

Excelsior Renewable Energy Investment Fund I is nearly fully committed, Excelsior said, adding that it expects to close on the initial Fund II investments in the second quarter of 2023.

Excelsior Energy said Fund II will continue to invest equity in middle-market wind, solar and storage projects and businesses across North America, in addition to select energy transition infrastructure outside of core renewables.

The Fund II pipeline is comprised of over 6.5GW of solar, solar-plus-storage and standalone battery storage projects totaling $1.3bn of potential investment opportunity, the manager added.

Chris Moakley, managing partner of Excelsior Energy Capital, said: “To have closed on two thirds of our target in just five months is a very encouraging start to our Fund II fundraise, especially in this environment.”

Alex Ellis, partner at Excelsior Energy Capital, said: “The progress speaks to the trust and confidence bestowed in Excelsior by our limited partners and is an indication of the performance of our Fund I portfolio and the incredible work of our team.”

Fund II is expected to hold a final close this year.

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