Capital Dynamics, an independent global asset manager, today announced the final close of its Clean Energy and Infrastructure VII JV LLC fund (“CEI VII”) with capital commitments of USD 1.2 billion. In total, Capital Dynamics manages approximately USD 4.8 billion for its clean energy infrastructure strategy and is now the second largest owner of solar projects in the United States.
CEI VII is a successor fund to CEI V, which held its final close earlier this year at USD 1.2 billion and has now been fully invested in over 1.5 GW of solar projects in the US. Dutch asset manager APG, the California State Teachers’ Retirement System (“CalSTRS”) and a wholly-owned subsidiary of the Abu Dhabi Investment Authority (“ADIA”), the three investors in the CEI V vehicle, are the primary equity participants in CEI VII. The fund will invest in US-based utility-scale renewable generation assets.
“With the close of CEI VII, we will continue to execute our proven investment strategy of investing in high-quality renewable energy generation projects,” commented John Breckenridge, head of the Capital Dynamics Clean Energy Infrastructure business. “We greatly appreciate the continued confidence of our major investors and are committed to helping them achieve both their investment and ESG goals. Our highly focused and efficient approach to the sector has led to great success for CEI V and we look forward to continuing to execute our strategy with CEI VII.”
Capital Dynamics’ Clean Energy Infrastructure team manages 2.3 net GW of solar projects in its current portfolio, including five of the 15 largest solar farms in the United States.