The OECD-focused SUSI Energy Transition Fund (SETF) has acquired a controlling stake in US solar and battery storage developer Encore Renewable Energy.

SETF, managed by SUSI Partners, has invested an undisclosed amount for its equity stake in Encore to help the clean energy company complete its shift from project developer to independent power producer by “scaling the business and further strengthening its asset base”.

Founded in 2007, Vermont-based Encore is active throughout the northeastern US. The company specialises in the design, development, financing, permitting, and construction of solar and energy storage projects on landfills, brownfields, and carports.

The deal is SETF’s second investment in the US after the acquisition of a 100MW portfolio of front-of-the-meter battery storage projects in South Texas announced last August.

SETF’s portfolio includes investments from renewable energy production over energy efficiency to energy storage and integrated customer energy solutions in Europe, the US, Chile, and Australia.

SUSI said it is planning to further expand SETF’s capital base this year to take advantage of further attractive near-term investment opportunities.

SUSI raised an initial €300m for the energy transition fund back in 2020. At the time the manager said SETF received the capital commitments from pension funds, insurance companies and other institutions from Australia, Germany, the Netherlands, Spain, Switzerland and the UK.

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