Generate Capital raises more than a billion dollars for investments in a new set of renewable energy infrastructure projects.
FREMONT, CA: Generate Capital, the renowned investor in renewable energy infrastructure, raised more than $1 billion for a new set of projects from a group of investors who are mainly focused on infrastructure. The group of investors includes Australian Super, QIC, Railways Pension, and many others.
The gates for investments in renewable energy projects and technology have been opened as a collection of funding in the latest round closes. The latest round of funds fuel project developments for sustainable infrastructure that caters to more than 400 companies, universities, school districts, and non-profit organizations across North America.
Over the last five years, Generate Capital has built more sustainable projects worth more than $1 billion in all domains, including energy, waste, water, and transportation industries.
Along with the funding, Richard Kauffman, a former New York State Energy Research and Development Authority chairman, and Lynn Jurich, the co-founder, and chief executive of Sunrun, will join the board of directors at Generate.
The investment and project development firm deals with project developers on battery storage, community, industrial, and commercial solar energy, energy efficiency, vehicle electrification, fuel cells, wastewater treatment, distributed desalination, and organic waste management projects.
“At Generate, we are working with the leading pioneers to bring about an infrastructure revolution, one that is democratized, digitized, decentralized, and decarbonized,” said Scott Jacobs, the co-founder, and chief executive of Generate, in a statement. “This transition requires an entirely different type of company committed to rebuilding the world: one that is mission-aligned with its many stakeholders, can provide flexible, efficient capital solutions to enable more projects to be built and has the expertise and capacity to manage that infrastructure and deliver those resources — forever — to its customers.”
“As a permanent capital source, we, by definition, have a lower cost of capital that we can put into the market.” Lynn Jurich, chief executive of the solar company Sunrun, and representatives from QIC and AustralianSuper have joined Generate’s board as part of the funding. Richard Kauffman, New York state’s top energy official, has also been named chair of the committee. Derek Chu, a senior investment director at AustralianSuper, said that Generate had “developed a novel approach to investing in and managing distributed, sustainable infrastructure, delivering real results and a leadership position in this emerging market.”
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