Latest news with #FundII
Yahoo
16-07-2025
- Business
- Yahoo
Lydian Energy lands $233M in financing for 550 MW/1.1 GWh of Texas storage
This story was originally published on Utility Dive. To receive daily news and insights, subscribe to our free daily Utility Dive newsletter. Lydian Energy has secured $233 million in financing for three, two-hour battery storage projects in Texas totaling 550 MW. ING served as the lender for the Pintail and Crane projects in San Patricio and Crane Counties, Texas, respectively, Lydian said July 9. The 200 MW/400 MWh systems represent a combined investment of about $139 million, according to Lydian, a Washington, D.C.-based solar and battery storage developer backed by Excelsior Energy Capital. KeyBank provided a $94 million financing package for Headcamp, a 150 MW/300 MWh project in Pecos County, Lydian said. KeyBanc Capital Markets also structured the financing package for Headcamp. The facilities in the Electric Reliability Council of Texas footprint are under construction and Lydian expects to bring them online in the fourth quarter. The projects were developed under Excelsior Energy Capital's Fund II, which closed at more than $1 billion in April. The tax credit bridge financings from ING and KeyBank are being complemented by co-investment capital from Excelsior's Fund II limited partners, Lydian said. The company said it is pursuing additional financing for other projects that Lydian expects to start building later this year. Lydian's development portfolio includes 20 solar and storage projects totaling 4.7 GW, according to the company. 'These financings represent more than capital – they reflect the strong demand for reliable energy infrastructure in high-growth U.S. markets,' Anne Marie Denman, co-founding partner at Excelsior Energy Capital, said in the press release. The financial commitments by ING and KeyBank underscore growing institutional confidence in battery storage as a strategic asset class, Lydian said. Lydian's three Texas projects are part of a surge in energy storage development in the ERCOT market. ERCOT expects it will have 12,863 MW of storage on its system in September, according to the grid operator's most recent Monthly Outlook for Resource Adequacy report. There is an additional 998 MW of storage that ERCOT expects will be approved for grid synchronization by September. ERCOT had about 10,000 MW of storage capacity on its system by the end of last year, up from about 4,650 MW in 2023. Recommended Reading Excelsior Energy Capital to install 2.2 GWh of Fluence Energy batteries Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
09-07-2025
- Business
- Business Wire
Lydian Energy Secures $233M in Project Financing to Advance Battery Storage Projects Across Texas
WASHINGTON & HOUSTON--(BUSINESS WIRE)-- Lydian Energy, an independent power producer specializing in the development, construction, and operation of utility-scale solar and battery energy storage projects across North America, today announced the successful financial close of its first institutional project financing totaling $233 million. The financing, backed by ING and KeyBank, supports three battery energy storage system (BESS) projects in Texas' fast-growing ERCOT power market. ING served as the lender for the Pintail and Crane projects, located in San Patricio and Crane Counties, Texas, respectively. The two systems, each sized at 200 MW/400 MWh, represent a combined investment of approximately $139 million. KeyBank provided a $94 million financing package for Headcamp, a 150 MW/300 MWh project in Pecos County. KeyBanc Capital Markets also structured the financing package for Headcamp. All three projects are developed under Excelsior Energy Capital's Fund II, which recently closed at more than $1 billion, and advance Lydian's strategy to deliver reliable, affordable renewable energy that strengthens grid performance in key power markets, such as Texas. The facilities are currently under construction and expected to be placed in service in Q4 2025. 'This financing marks an important step forward as we continue executing on our vision to scale transformative battery storage projects that meet the evolving energy needs of the communities we serve,' said Emre Ersenkal, CEO at Lydian Energy. 'We are happy to have the support of ING and KeyBank, which recognize both the value of battery storage in today's grid and the capabilities of our development and delivery platform. We are proud to partner with these leading financial institutions to help deliver the next generation of clean and reliable power in Texas,' said Basilio Guerrero, CFO at Lydian Energy. The commitments of ING and KeyBank underscore growing institutional confidence in battery storage as a strategic asset class leading the energy transition. 'Our support of Lydian's portfolio reflects ING's focus on identifying strategic funding opportunities that align with the accelerating demand for sustainable power,' said Sven Wellock, Managing Director and Head of Energy – Renewables & Power at ING. 'Battery storage plays a central role in supporting grid resilience, and we're pleased to back a platform with strong fundamentals and a clear execution path.' 'Lydian Energy's development of Headcamp reflects the type of forward-looking energy infrastructure we aim to support through strategic financing,' said Tyler Nielsen, Managing Director, Utilities Power and Renewables Group at KeyBanc Capital Markets. 'Our team is thrilled to support Excelsior Energy Capital as they continue to deliver strategic, future-ready investments and projects that are increasingly vital as energy demand and system complexity continue to rise.' The tax credit bridge financings from ING and KeyBank are being complemented by co-investment capital from Excelsior's Fund II limited partners. Lydian is actively pursuing additional financing for a broader pipeline of projects expected to start construction later this year. 'These financings represent more than capital – they reflect the strong demand for reliable energy infrastructure in high-growth U.S. markets,' said Anne Marie Denman, Co-Founding Partner at Excelsior Energy Capital and Chair of the Board at Lydian Energy. 'We're proud to stand behind Lydian's talented team as they deliver on the promise of battery storage with bankable projects, proven partners, and disciplined execution. In the midst of a lot of noise, these financings are a reminder that capital flows where infrastructure is satisfying fundamental needs of our society – in this case, the need for reliable, sustainable, domestic, and affordable energy.' Lydian's current portfolio includes 20 solar and storage projects totaling 4.7 GW of capacity. The company continues to work alongside banking, regulatory, and community stakeholders to deliver scalable infrastructure aligned with regional needs and policy objectives. About Lydian Energy Lydian Energy, based in Washington, D.C., is an independent power producer specializing in the development, construction, and operation of utility-scale solar and battery energy storage projects. With the backing of Excelsior Energy Capital, Lydian's experienced team of renewable energy professionals focuses on developing high-potential mid- to late-stage renewable energy assets across North America. For more information, please visit Follow Lydian Energy on LinkedIn. About Excelsior Energy Capital Excelsior Energy Capital is a renewable energy infrastructure fund focused on middle-market investments in wind, solar and battery storage plants, and businesses across North America. The highly specialized team brings over 100 years of combined experience and a comprehensive set of strategic, financial, legal and operational expertise; making Excelsior Energy Capital a valuable partner for developers and operators, and a trusted manager for investors. Based in Minneapolis, Minnesota, the firm was founded in 2017 with two active funds totaling over $1.5 billion of equity capital. For more information, visit
Yahoo
08-07-2025
- Automotive
- Yahoo
Why this LA-based VC firm was an early investor in Slate Auto
Slate Auto, which came out of stealth mode earlier this year with a surprising – and surprisingly affordable – customizable electric truck, has raised $700 million to date. But long before the EV startup broke cover, it quietly raised a Series A round of more than $100 million in 2023. And while Jeff Bezos was involved in that round, as TechCrunch originally reported, he was not alone. A regulatory filing submitted to the Securities and Exchange Commission shows as many as 16 investors were involved. Slauson & Co., a Los Angeles venture firm that launched five years ago, is one of the few investors in Slate's Series A to speak publicly about why they backed the company. Slauson & Co. partner Ajay Relan told TechCrunch in an exclusive interview his firm is well aware of the many EV startup bankruptcies that have occurred in recent years, as well as the headwinds coming from the Trump administration for anything green energy-related. Regardless, Relan said he and his partner Austin Clements believe in the startup's mission of providing 'more affordable, reliable, and customizable vehicles that are domestically manufactured.' Relan and Clements started Slauson & Co. in 2020. Friends since high school, they both grew up off of Slauson Avenue in South Central Los Angeles, which Relan wryly categorized as being 'not necessarily known for its tech and venture capital innovation.' 'But it definitely is a source of cultural capital that gets repackaged and distributed to more developed areas and other parts of the world,' Relan said. Slauson & Co.'s mission is to bridge the gap between those two worlds by funding and empowering people who have 'historically just not had their perspective represented in the innovation economy.' Relan said they got turned on to Slate by Jeff Wilkie, the former Amazon consumer division CEO who co-founded Re:Build Manufacturing, an incubator that Slate spun out of. Wilkie, who Relan has known since before founding Slauson & Co, first introduced them to the secretive project in 2023. Relan admits investing in an EV startup is a bit outside of his firm's 'primary themes.' But the duo was intrigued by Slate's mission to make a more affordable and approachable car. He was sold on the venture after Wilkie introduced Slauson & Co. to the Slate team. Slauson & Co. raises $100M Fund II proving appetite for inclusion persists The startup was still just a few dozen people in early 2023. But those people had decades of experience in the automotive industry. CEO Chris Barman spent more than 20 years at Chrysler, running vehicle line programs, leading the Android Automotive integration, and even collaborating with Waymo. Chairman Rodney Copes and chief financial officer Ryan Green spent years at Harley-Davidson and Rivian. Barman particularly impressed the Slauson & Co. partners. 'She has great vision. She has a great reputation within the company she's worked for before,' Clements said. 'She's no frills, not about the hype. She's really about delivering.' Clements said he and Relan also rely heavily on taste when it comes to early-stage investing. 'Do we think that this is something that resonates with what people are looking for at this point?' he said. 'The idea that there are no affordable cars, particularly for young people, but really for everybody, and just the mismatch between affordability of vehicles and what's available just didn't make sense.' Slate's truck won't hit the market until late 2026, but Relan and Clements already have a little validation that their eye for taste was spot on with Slate: The company passed 100,000 refundable reservations in just two weeks. Of course, it doesn't hurt to be standing alongside some serious financial and industrial firepower. Not only did Bezos invest in that initial funding round, but Slate also courted big money from Los Angeles Dodgers owner Mark Walter as well as VC firm General Catalyst. ('The partners they were able to bring along for the journey before and after us were icing on the cake,' Reman said in an email.) Those backers have helped fill Slate's coffers to the tune of around $700 million, and the company told TechCrunch that it's already started on a Series C funding round. Slauson & Co. also invested in the Series B; the firm declined to share how much it has invested in Slate to date. This combination – the Slate team, the major backers, and the opportunity at the entry level of the car market – left Relan and Clements believing their investment can generate a good return, even in the notoriously low-margin auto business. 'We have to have some deep conviction that this is something that could drive very real returns in the fund,' Clements said, before adding with a laugh: 'You know, we're not just a purely philanthropic organization.'
Yahoo
09-06-2025
- Business
- Yahoo
BharCap Partners Closes Oversubscribed Fund II at $652 Million
Fund II targets management buyouts of asset-light financial services businesses GREENWICH, Conn., June 09, 2025--(BUSINESS WIRE)--BharCap Partners, LLC ("BharCap"), a private equity firm focused on the financial services sector, today announced the final closing of its second fund, BharCap Partners Fund II, LP ("Fund II"). Fund II was oversubscribed with $652 million in equity capital commitments, 30% above its $500 million target. BharCap has raised over $1.1 billion of committed equity capital through Fund II and affiliated co-investment vehicles. BharCap is led by founding partners Bharath Srikrishnan, Ethan Wang, Jim Rutherfurd, Kevin Becker and Ryan Gean. Bharath Srikrishnan, Co-Founder and Managing Partner, said, "First and foremost, I would like to thank everyone who has supported us on this four-year journey. We created BharCap because we believe entrepreneurs in our sector would benefit from a new firm with a distinctive approach. We are highly entrepreneurial professionals who are sector specialists. We have unique operational and strategic capabilities. Our 'Entrepreneurs Backing Entrepreneurs' mantra resonates with management teams. We believe this fundraise demonstrates our differentiated value proposition, the quality and depth of our team and the attractiveness of our sector. With 27 professionals and operating advisors and substantial dry powder, we are well positioned to identify and support outstanding management teams." The fund's closing marks a pivotal moment as BharCap continues to source unique investment opportunities which leverage the firm's longstanding relationships with entrepreneurs. BharCap's Fund II targets management buyouts in asset-light middle-market financial services companies. Our focused sub-sectors include wealth and asset management, insurance distribution and insurance services, financial technology and tech-enabled financial services, and tax, accounting and advisory services. BharCap focuses on companies with recurring revenue, strong profit margins and high free cash flow conversion that we can scale. We seek to invest alongside management teams to capitalize on powerful long-term growth trends, sub-consolidation opportunities in highly fragmented markets and the impact of technological advancement. Fund II and its LP co-investment vehicles typically invest $50 to $300 million in North American companies with EBITDA of $10 to $50 million. Ethan Wang, Co-Founder and Partner, said, "With our entrepreneur-centric approach and deep sector expertise, we provide the tools that financial services companies need to succeed. We have a robust pipeline of proprietary investment opportunities sourced by our proactive, outbound calling effort. We are excited to originate new investment opportunities, drive continued success for our portfolio companies and create significant value for our limited partners and management teams." Fund II's investors are a diverse group of limited partners from North America, Europe and Asia, including insurance companies, asset managers, public pension plans, institutional consultants, endowments and foundations, high-net-worth individuals and family offices. Jim Rutherfurd, Co-Founder, Partner and Head of Investor Relations, said, "We are grateful for and honored by the support from our limited partners, particularly considering the impact of economic and geopolitical uncertainty on the fundraising environment. Our LP base includes some of the most prominent and well-regarded fund investors. Fund II has significant embedded value, and we are highly focused on extending our track record of outstanding asset light financial services investments." Fund II has invested approximately 30% of the Fund in four portfolio companies in the insurance brokerage, insurance services, payment processing and wealth management sectors. For further inquiries or partnership opportunities, please contact Jim Rutherfurd at jim@ Rede Partners served as placement agent and Kirkland & Ellis served as fund formation legal counsel to BharCap Fund II. About BharCap Partners:BharCap Partners, LLC invests in businesses across the financial services industry including wealth and asset management, insurance distribution and insurance services, financial technology and tech-enabled financial services, and tax, accounting and advisory services. BharCap manages over $2 billion of capital. For more information, please visit View source version on Contacts Media Contacts:Delia Cannan / Pamela GreeneReevemark212-433-4600BharCapPartnersTeam@ Sign in to access your portfolio
Business Wire
09-06-2025
- Business
- Business Wire
BharCap Partners Closes Oversubscribed Fund II at $652 Million
GREENWICH, Conn.--(BUSINESS WIRE)-- BharCap Partners, LLC ("BharCap"), a private equity firm focused on the financial services sector, today announced the final closing of its second fund, BharCap Partners Fund II, LP ('Fund II'). Fund II was oversubscribed with $652 million in equity capital commitments, 30% above its $500 million target. BharCap has raised over $1.1 billion of committed equity capital through Fund II and affiliated co-investment vehicles. 'We believe this fundraise demonstrates our differentiated value proposition, the quality and depth of our team and the attractiveness of our sector.' BharCap is led by founding partners Bharath Srikrishnan, Ethan Wang, Jim Rutherfurd, Kevin Becker and Ryan Gean. Bharath Srikrishnan, Co-Founder and Managing Partner, said, 'First and foremost, I would like to thank everyone who has supported us on this four-year journey. We created BharCap because we believe entrepreneurs in our sector would benefit from a new firm with a distinctive approach. We are highly entrepreneurial professionals who are sector specialists. We have unique operational and strategic capabilities. Our 'Entrepreneurs Backing Entrepreneurs' mantra resonates with management teams. We believe this fundraise demonstrates our differentiated value proposition, the quality and depth of our team and the attractiveness of our sector. With 27 professionals and operating advisors and substantial dry powder, we are well positioned to identify and support outstanding management teams.' The fund's closing marks a pivotal moment as BharCap continues to source unique investment opportunities which leverage the firm's longstanding relationships with entrepreneurs. BharCap's Fund II targets management buyouts in asset-light middle-market financial services companies. Our focused sub-sectors include wealth and asset management, insurance distribution and insurance services, financial technology and tech-enabled financial services, and tax, accounting and advisory services. BharCap focuses on companies with recurring revenue, strong profit margins and high free cash flow conversion that we can scale. We seek to invest alongside management teams to capitalize on powerful long-term growth trends, sub-consolidation opportunities in highly fragmented markets and the impact of technological advancement. Fund II and its LP co-investment vehicles typically invest $50 to $300 million in North American companies with EBITDA of $10 to $50 million. Ethan Wang, Co-Founder and Partner, said, 'With our entrepreneur-centric approach and deep sector expertise, we provide the tools that financial services companies need to succeed. We have a robust pipeline of proprietary investment opportunities sourced by our proactive, outbound calling effort. We are excited to originate new investment opportunities, drive continued success for our portfolio companies and create significant value for our limited partners and management teams.' Fund II's investors are a diverse group of limited partners from North America, Europe and Asia, including insurance companies, asset managers, public pension plans, institutional consultants, endowments and foundations, high-net-worth individuals and family offices. Jim Rutherfurd, Co-Founder, Partner and Head of Investor Relations, said, 'We are grateful for and honored by the support from our limited partners, particularly considering the impact of economic and geopolitical uncertainty on the fundraising environment. Our LP base includes some of the most prominent and well-regarded fund investors. Fund II has significant embedded value, and we are highly focused on extending our track record of outstanding asset light financial services investments.' Fund II has invested approximately 30% of the Fund in four portfolio companies in the insurance brokerage, insurance services, payment processing and wealth management sectors. For further inquiries or partnership opportunities, please contact Jim Rutherfurd at jim@ Rede Partners served as placement agent and Kirkland & Ellis served as fund formation legal counsel to BharCap Fund II. About BharCap Partners: BharCap Partners, LLC invests in businesses across the financial services industry including wealth and asset management, insurance distribution and insurance services, financial technology and tech-enabled financial services, and tax, accounting and advisory services. BharCap manages over $2 billion of capital. For more information, please visit
