Greenbacker Development Opportunities Fund I, LP ("Greenbacker"), which provides flexible capital and best-in-class guidance for growth-stage clean energy companies, announced today (Aug 2) that it has made a strategic growth investment in Boston-based Renew Energy Partners, LLC ("RENEW"), a nationwide distributed generation, microgrid, and energy efficiency company.
The partnership with Greenbacker will expand RENEW's capacity to scale its platform and execute on its project pipeline developing, constructing, financing, and operating distributed generation, microgrids, and energy efficiency assets that allow commercial and industrial (C&I) building owners to upgrade to energy-saving systems and reduce their carbon footprint.
RENEW helps customers reduce carbon and greenhouse gas emissions with projects that include HVAC retrofits, lighting updates, building management system upgrades, and onsite clean energy generation and battery storage.
RENEW offers energy service agreements and power purchase agreements to C&I customers, including manufacturing, multi-family housing, healthcare, and hospitality facilities. The company differentiates itself from competitors in its ability to implement complex interconnected energy systems in one simple offering, fully finance projects for its customers, and allow them to reduce their carbon footprint while increasing resiliency.
Founded in 2013, the company brings decades of experience and extensive industry relationships to its role as a developer and long-term owner-operator of its energy efficiency and clean energy assets.
"We're excited to partner with RENEW and expand our presence in the distributed generation, microgrid, and energy efficiency space," said Benjamin Baker, Managing Director at Greenbacker. "We find RENEW to be particularly adept at maximizing energy savings for its customers and very well positioned to grow in the market, especially as demand for emissions reduction projects continues to increase in both the private and public sectors."
As of last year, 60% of the Fortune 500 had made commitments related to emissions reductions, energy efficiency, or using renewables (up from 48% in 2017).1 In New York City, where buildings make up about two-thirds of greenhouse gas emissions, Local Law 97 requires those over 20,000 square feet to cut emissions 80% by 2050.2 Boston's Building Energy Reporting Disclosure Ordinance requires similarly large buildings to achieve zero emissions over the same period.3 Numerous cities across the country are exploring similar ordinances.
"Our collaboration with Greenbacker will enable us to expand our portfolio of energy efficiency and clean energy projects, and increase our contributions to the energy transition," said Charlie Lord, Principal at RENEW. "We look forward to taking our platform to the next level so we can help more building and facility owners start saving energy, saving money, and saving the planet."
Greenbacker Capital Management established the Greenbacker Development Opportunities Fund I, LP in 2020 to invest in companies focused on clean energy project development.
About Greenbacker
Greenbacker Development Opportunities Fund I, LP is a middle-market private equity fund that invests in growing sustainable infrastructure platforms serving high-value markets across the US. The fund is managed by Greenbacker Capital Management, LLC. For more information, please visit www.greenbackercapital.com.
About RENEW
Renew Energy Partners provides turnkey solutions for funding, installing, and managing energy efficiency and on-site clean power generation projects. The company helps building owners reduce their carbon footprint and save money while making their buildings cleaner, nicer, and more resilient. With its energy-as-a-service model, energy upgrades and retrofits are funded by future savings and are at no cost to the building owner. For more information, visit www.renewep.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. Although Greenbacker believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. Greenbacker undertakes no obligation to update any forward-looking statement contained herein to conform to actual results or changes in its expectations.
Media contacts:
GreenbackerRenew Energy Partners, LLC
Chris LarsonSteve Pritchard
Senior Writer & Media CommunicationsPrincipal
847.313.9035888-938-6256 x702
c.larson@greenbackercapital.compritchard@renewep.com
1 Power Forward 4.0, World Wildlife Fund, June 2021.
2 Local Law 97, New York City government website.
3 Tale of Two Cities: NYC's LL97 and Boston's BERDO, Brightcore Building Energy Performance, January 21, 2022.
