SUSI Partners, through the SUSI Energy Transition Fund (“SETF”), has taken a controlling equity stake in Encore Renewable Energy (“Encore”), a U.S. clean energy company specialised in the development, construction, and operation of distributed and utility-scale solar PV and battery storage assets. The agreement comes on the back of strong tailwinds for clean energy in the U.S. and sees SUSI inject additional equity into Encore to complete its shift from project developer to independent power producer by scaling the business and further strengthening its asset base.
Based in Vermont and active throughout the northeastern U.S., Encore has been originating, developing, and constructing high-quality clean energy projects for more than a decade. As a certified B Corporation, Encore puts a strong focus on sustainable growth, environmental compatibility, and community engagement, which matches SUSI’s sustainability requirements. In particular, the company has proven expertise in the redevelopment of abandoned brownfield sites, which often benefits from streamlined permitting and zoning, minimises environmental impacts by protecting open spaces, and revitalises communities in the process.
Following previous U.S. investments in battery storage and electric vehicle charging infrastructure, this transaction strengthens SUSI’s foothold in the flourishing U.S. clean energy sector. For the firm’s flagship equity strategy SETF, it is the second investment in the U.S. after the acquisition of a 100 MW portfolio of front-of-the-meter battery storage projects in South Texas announced last August, which is well on track to be fully operational before the summer.
SETF’s investment strategy leverages SUSI’s extensive energy transition sector expertise to advance the growth of asset investment platforms and management-led businesses. The investment in Encore expands SETF’s diversified and growing portfolio, which covers investments from renewable energy production over energy efficiency to energy storage and integrated customer energy solutions in Europe, the U.S., Chile, and Australia. Given the continued deployment progress through the existing platforms, and further attractive near-term investment opportunities in the pipeline, SUSI is looking to further expand SETF’s capital base in 2023.
