CleanCapital: ‘Deploying energy storage is mission-critical to the energy transition’

Share on linkedin
Share on twitter
Share on reddit
Share on facebook
Share on email
Image: CleanCapital.

US$300 million in new funding from Manulife Investment Management will enable CleanCapital, a clean energy investment platform mostly focused on distributed solar, to also provide “long-term, flexible capital” to energy storage developers.

Our sister site PV Tech reported last week that CleanCapital had secured the funding to help grow its asset portfolio, coming as CleanCapital bought two renewable energy portfolios totalling 63MW in deals worth US$775 million, including operating solar, new-build solar and energy storage systems.

Thomas Byrne, CleanCapital’s chief executive, said that Manulife’s investment would provide the company with the capacity to offer “a multitude” of investment services and solutions to mid-market renewable energy companies.

The company has bought a 16MW solar portfolio with 30 assets across 10 US states, which is expected to begin construction this year, and has also become the sole owner of a 46.9 MW operating commercial and industrial (C&I) solar portfolio, after buying the assets through an equity partnership with investor BlackRock in 2019.

The second portfolio covers 60 projects in California, Massachusetts and New Jersey, and the energy they produce is contracted by 26 offtakers through long-term power purchase agreements (PPA). CleanCapital now oversees 200MW of renewable assets in the US, with 152 projects in 18 states having individual capacities in the 25kW-12.6MW region.

Energy storage: a critical component of the clean energy transition

While the Manulife funding will initially fund the two portfolios above, CleanCapital CEO Thomas Byrne told that his company sees storage “growing in many markets, in part driven by policies but also driven by a decarbonising economy”.

“Energy storage is a critical component to transitioning to a clean energy future. Therefore, CleanCapital needs to be an active participant in the space,” Byrne told

“This investment enables CleanCapital to provide long-term, flexible capital to energy storage developers in order to accelerate growth in the market.”

“Many states right now need storage to provide a resilient grid. Investing in storage and deploying storage is mission-critical to the energy transition and we plan to play a leading role. Our mission is to connect investment dollars to opportunities in the transforming energy market, and we can't do that if we're not a leader in the energy storage space. Storage and solar-plus-storage are both growth opportunities, and we anticipate closing on a number of interesting storage deals this year.”

This story first appeared in its original form on PV Tech

Additional reporting for by Andy Colthorpe. 

Read Next

July 1, 2022
News in brief from around the world in Energy Storage.
June 30, 2022
US battery energy storage system (BESS) integrator Jupiter Power has turned its second 200MWh BESS online in Texas, bringing its total capacity in the state’s market to 450MWh.
June 30, 2022
Swiss Life Asset Managers has acquired a 50% stake in BCP Battery Holding, a company with several utility-scale battery energy storage system (BESS) developments in Germany.
June 30, 2022
Construction has begun on the first of four battery energy storage systems (BESS) totalling 200MW/200MWh from global system integrator Fluence in Lithuania.
June 30, 2022
FREYR Battery will go ahead with construction of its first battery gigafactory in Norway, which has announced a National Battery Strategy.

Most Popular

Email Newsletter