Renew Energy Partners Announces Launch of Fourth Investment Vehicle, Expands Relationship with Mitsubishi HC Capital America

Renew Energy Partners (“RENEW”) announced today the financing of its fourth investment vehicle—Renew Energy Efficiency Projects 4, (“EEP4”). The special purpose entity has executed a Master Revolving Loan and Security Agreement (MRLSA) with Mitsubishi HC Capital America, Inc. RENEW is the majority equity investor in EEP4. The special purpose entity will be used to fund a portfolio of projects including energy efficiency, combined cooling, heating, and power, distributed generation, micro-grids, battery energy storage, thermal storage, and electric vehicle charging stations for commercial, industrial and institutional customers. RENEW received a strategic growth investment from Greenbacker Capital in 2022.

Immediately following the execution of the MRLSA, EEP4 purchased a majority interest in EEP3—RENEW’s third investment vehicle which includes the MACOM microgrid project in Lowell, MA, the Isla Frio cold storage efficiency project in Puerto Rico, and $100 million of signed memoranda of understanding for future business.

“The launch of our fourth investment vehicle, coupled with the acquisition of assets from EEP3, allows RENEW to further pursue our mission of making it financially compelling to decarbonize the built environment as we continue investing in and now will own new projects going forward. Buildings are responsible for 40% of all energy use in the United States. In order to achieve national carbon reduction goals, decarbonizing the building stock is essential,” said Charlie Lord, Principal and Co-founder of RENEW.

“We’re proud to further develop our relationship with RENEW by establishing a credit facility for EEP4,” said Stéphane Arsenault, Senior Vice President of Sustainable Development Finance at Mitsubishi HC Capital America. “RENEW has a talented management team and strong equity support from Greenbacker Capital. This debt facility will boost RENEW’s ability to move efficiently and capture more share in this important market.”

The MACOM project is a combined cooling, heating, and power (CCHP) system at a semiconductor manufacturer facility. The CCHP system was coupled with a battery energy storage system (BESS) and a microgrid controller. EEP3 owns 100% of the assets and sells metered energy back to the client at a discounted rate. The microgrid system has resulted in a substantial reduction of carbon emissions, estimated at 1869 metric tons annually. This is equivalent to the electricity consumption of 339 homes for one year and the gasoline consumption of 24.7 tanker trucks.

The Isla Frio project in Cidra, Puerto Rico is a Viking Cold Thermal Energy Storage System which leverages existing refrigeration equipment in low-temperature facilities to freeze Phase Change Material (PCM) and create electricity arbitrage opportunities. Intelligent controls turn off refrigeration equipment during periods of high energy costs while the PCM maintains temperature stability and lowers overall energy consumption. Annual carbon reduction is estimated at 209 metric tons.

Renew Energy Partners, LLC (“RENEW”)
RENEW is a nationwide distributed generation, microgrid, and energy efficiency company that provides turnkey solutions for decarbonization. RENEW helps customers reduce carbon and greenhouse gas emissions with financially compelling solutions that activate projects including HVAC retrofits, lighting updates, building management system upgrades, and onsite clean energy generation and battery storage. Visit https://www.renewep.com

Mitsubishi HC Capital America (“Mitsubishi HC Capital America”)

Mitsubishi HC Capital America is a commercial finance company that has extensive capabilities throughout North America with its affiliate, Mitsubishi HC Capital Canada, combining a consultative approach and expansive digital platform to help organizations of all sizes accelerate growth. With $7.5 billion in assets and more than 800 employees, the company is the largest non-captive, non-bank commercial finance company in North America. Mitsubishi HC Capital America partners with equipment manufacturers, dealers and distributors, as well as end customers, in providing customized financial solutions, including transportation and commercial finance. Dedicated to improving the communities where it operates, the company is committed to the United Nations Sustainable Development Goals. Visit https://www.mhccna.com/en-us

Greenbacker Development Opportunities Fund I, LP
Greenbacker Development Opportunities is a middle-market private equity strategy that invests in growing sustainable infrastructure platforms serving high-value markets across the US. The strategy is managed by Greenbacker Capital Management, LLC. For more information, please visit https://greenbackercapital.com/greenbacker-development-opportunities