Energy Storage

The Green Credit Fund I (CI GCF I) launched by Copenhagen Infrastructure Partners is the firm’s first‑ever private debt fund, designed to provide subordinated project‑finance loans for late‑stage renewable energy infrastructure. With a target size of approximately €1 billion, the fund achieved its final close in August 2023, backed by a global base of institutional investors spanning the Nordics, Europe, North America and select Asia‑Pacific jurisdictions. CI GCF I is structured to invest both in green‑field and brown‑field assets in the energy transition space. Technology areas include offshore and onshore wind, solar PV, biomass, energy storage, and transmission assets. The underlying premise is to deliver attractive risk‑adjusted returns via subordinated debt capital, while offering diversification and lower correlation to traditional equity markets. Geographically the fund focuses on OECD markets — primarily Europe and North America — with the flexibility to invest in carefully selected jurisdictions in the Asia‑Pacific region. The fund emphasises direct investments, but retains the ability to participate in risk‑sharing transactions arranged alongside developers or other capital providers. By stepping into the private credit niche for renewable infrastructure, CI GCF I offers institutional investors a novel exposure to the decarbonisation theme, leveraging the sponsor’s track‑record in energy infrastructure. It is positioned to address the growing financing gap in the energy transition, by deploying subordinated debt in mature projects where there is a clear cash‑flow and visibility, yet where incremental capital is needed to bridge risk.

The Decarbonization Partners Fund I focuses on investing in late-stage venture capital and growth private equity for next-generation companies that support the acceleration of decarbonization and the transition to a net-zero economy. The fund has attracted a diverse set of over 30 institutional investors representing 18 countries, including public and private pension funds, sovereign wealth funds, insurance companies, and corporates and family offices across North America, Europe, and Asia Pacific. The diversity and depth of the investor base reflect the global nature of the opportunity around climate investing, directly aligning with Decarbonization Partners’ global focus. The Fund’s target investments include companies that drive intentional, material, and measurable decarbonization outcomes. It invests in companies with de-risked technologies that are ready to scale and can benefit from BlackRock and Temasek’s complementary platforms and deep access. The Fund’s investments span several innovative decarbonization technologies, including sustainable materials, clean hydrogen, science-based carbon management services, low-emissions battery recycling, EV fleet management, and thermal energy storage for industrial applications. The partnership aims to invest in companies that provide solutions and technologies to help accelerate global efforts to achieve a net-zero global economy by 2050. The sectors targeted for investment include Carbon Capture, Storage and Utilization, Bio and Low Carbon Products, Next Generation Energy, Advanced Mobility, Carbon Management Services, and Digital Transformation. The team has built a robust pipeline of proprietary deal flow and intends to continue executing on this in the coming months. The Decarbonization Partners team, which has grown to over 25 members, includes experienced venture capital and growth equity investment and portfolio management professionals across offices in New York, San Francisco, Singapore, London, Paris, and Houston. The team was intentionally constructed to provide portfolio companies with trusted value-add partners who bring significant technical and operational experience to the table.

Macquarie’s Green Energy Transition Solutions Fund (MGETS) is a closed‑ended vehicle designed to deploy capital into technologies and infrastructure that go beyond traditional renewables. It targets growth‑stage companies offering decarbonisation solutions in sectors such as energy storage, distributed energy, clean transport, renewable fuels, carbon capture, and circular economy. At final close, MGETS surpassed its initial $2 billion target, raising over $2.4 billion in fund commitments and $647 million in co‑investment, for a total capital pool exceeding $3 billion. Over 65 % of that capital has already been committed across 12 investments spanning multiple geographies and technology domains. The fund targets a net IRR of 13 % to 15 %. It seeks companies that balance growth potential with infrastructure‑like characteristics, backing opportunities that are scaling and de‑risked yet operate in the next wave of energy transition technologies. MGETS has built a diversified portfolio including names like Eku Energy (battery storage), SkyNRG (sustainable aviation fuel), Verkor (EV battery manufacturing), and Calibrant Energy (distributed energy). Its geography‑agnostic approach allows deployment across Europe, North America, Asia‑Pacific, and beyond.

Mirova Energy Transition 6 (MET6) is the sixth investment vehicle of Mirova, an affiliate of Natixis Investment Managers focused on sustainable infrastructure and renewable energy. The fund seeks to invest in proven clean‑energy technologies—including onshore and offshore wind, photovoltaics, hydropower, energy storage and efficiency solutions—while also supporting low‑carbon mobility and hydrogen infrastructure. With a target size of up to €2 billion, MET6 aims primarily at European infrastructure markets, but remains open to investments in other OECD countries, leveraging Mirova’s strong relationships with developers and its flexible investment approach of taking majority or minority stakes, and deploying equity or subordinated debt. The fund builds on Mirova’s prior energy‑transition funds and draws on a dedicated infrastructure team with decades of investments behind it. The strategy positions itself to help accelerate decarbonisation across the energy value‑chain by backing both project promoters and platform scale‑ups throughout full project life‑cycles. MET6 is aimed at institutional investors seeking both financial returns and positive environmental impact, offering a means to deploy capital into resilient energy transition infrastructure aligned with global net‑zero ambitions.

Nuveen has successfully completed the first close of its Energy & Power Infrastructure Credit Fund II (EPIC II), securing $1.3 billion in initial commitments toward a $2.5 billion target. This private credit strategy is designed to support energy and power infrastructure companies across OECD regions amid rising demand driven by digitalization, electrification, and reindustrialization. EPIC II extends Nuveen’s Energy Infrastructure Credit (EIC) platform—led by Don Dimitrievich and backed by a seasoned team—offering flexible, bespoke credit and structured financing across the energy and power ecosystem. The strategy emphasizes downside protection through hard asset collateral, long‑term contracts with strong counterparties, and strong pricing safeguards. The fund deploys capital into a broad array of energy‑related sectors—including renewables, energy storage, hydrocarbons, midstream, and liquified natural gas (LNG)—supporting secure, reliable energy generation. It targets investments that deliver resilient, predictable cash flows while mitigating macro, inflationary, and geopolitical risk. EPIC II is anchored by commitments from a Canadian pension fund manager and TIAA, with nearly half of capital coming from outside the U.S.—including global insurers and Japanese and Korean pensions. It builds on the success of EPIC I and positions investors to tap enduring energy infrastructure demand with durable income potential.

Quinbrook Valley of Fire Fund is a buyout continuation fund managed by Quinbrook Infrastructure Partners. The Fund is a continuation of the large scale solar+storage strategy of Quinbrook’s Low Carbon Power Fund (“LCPF”) which held its final closing in 2019. The Quinbrook Valley of Fire Fund is focused on acquiring and developing large scale solar + storage projects. The Fund acquired a 51% stake in the Gemini Solar + Storage project and 100% of the remaining Valley of Fire project development portfolio. This includes seven projects totaling over 2.65GW of solar PV capacity, with the potential to add a further 1.5GW of battery storage capacity. These projects span across Nevada, Colorado, and Arizona. The Fund is targeting investments in renewable energy project development and new asset creation, with a focus on optimizing returns for investors wanting exposure to the energy transition. The projects are expected to provide primary capital commitments to fund the continued development and construction of large scale solar + storage projects. The lead investor in the Quinbrook Valley of Fire Fund is Blackstone Strategic Partners, and cornerstone investor Ares Management Infrastructure Secondaries funds. The Gemini Solar + Storage project, located just outside of Las Vegas, Nevada, is one of the largest solar + storage projects in the US and is operational under a 25-year off-take contract. This project includes 690 MWac of solar and a 1,416 MWh battery storage facility. The Valley of Fire portfolio is managed by Quinbrook portfolio company, Primergy Solar, and consists of several large scale solar + storage projects. The offtake customer for the Purple Sage Energy Center, one of the projects in the Valley of Fire portfolio, is San Diego Community Power. Overall, the Fund is focused on investing in the infrastructure needed to drive the energy transition, with a particular emphasis on large scale solar + storage projects and the development of renewable energy assets. The Fund has successfully closed with $600 million in capital commitments from leading US and European institutional investors, demonstrating a strong track record in pursuing strategies to enhance value and optimize returns in the energy transition sector. The lead investor in the Quinbrook Valley of Fire Fund is Blackstone Strategic Partners and Ares Management Infrastructure Secondaries funds.

Vireo Electrification Fund I is an early‑stage venture capital fund managed by Vireo Ventures, headquartered in Berlin, Germany. Its mission is to accelerate Europe’s transition to an electrified future by backing startups that help decarbonize energy systems, mobility, and infrastructure. The fund closed at €50 million, attracting LPs including energy utilities, corporates, and institutional investors. The fund invests primarily at the seed and pre‑seed/early stages in companies offering hardware‑enabled or software‑enabled solutions across the electrification value chain. Key focus areas include grid intelligence, heat decarbonization, electric mobility infrastructure, energy storage, and smart infrastructure in real estate and industry. Vireo’s model emphasizes close collaboration with its limited partners (LPs), many of which are utilities or energy incumbents, to facilitate pilot projects, scaling, and operational integration for portfolio companies. Rather than being passive backers, LPs contribute industry expertise and connections, helping portfolio companies move more quickly from prototype toward commercial deployment. Geographically, the fund focuses on European startups, although exposure outside Europe is evaluated selectively. Vireo seeks companies with meaningful European presence, whether through operations, customers, or regulatory exposure. Its investments are drawn from a mix of hardware and software, with a strong lean toward solutions that can scale and contribute significantly to decarbonization paths for energy, mobility, heating, and industrial systems.