ClearPath Energy Secures Innovative Portfolio Financing and Partnership with Brookfield
NEW YORK–(BUSINESS WIRE)–ClearPath Energy (“ClearPath”), a Boston and New York based Energy Transition Platform and Renewable Energy developer, owner and operator, announced today the closing of an innovative facility with a direct lending infrastructure fund managed by Brookfield Asset Management (“Brookfield”). The capital will allow ClearPath to expand its existing 2 gigawatt pipeline further while accelerating the progression of late-stage development assets into construction and operations.
The proceeds will be used to support the construction and operations of ClearPath’s robust and rapidly growing renewable energy portfolio across the United States. The investment will initially focus on funding ClearPath’s operating and construction-stage assets in the U.S., intending to add incremental capital as ClearPath continues to scale.
“ClearPath is excited to partner with a strategic and top-tier institution like Brookfield with a lending facility that helps us accelerate and optimize our operating, construction, and development pipeline,” said David Khasidy, Co-Founder and Executive Chairman of ClearPath. “This financing enables us to seamlessly transition our late-stage development assets into construction and then into operation. We’re also looking forward to scaling our multi-sector development tools while expanding our geographic footprint.”
“Brookfield is delighted to support ClearPath’s continued success in building essential renewable power and energy transition assets across the United States that advance decarbonization goals,” said Hadley Peer Marshall, Brookfield’s Managing Partner and co-head of Brookfield’s infrastructure debt business. “We are pleased to finance ClearPath’s portfolio underpinned by supportive Community Solar regimes and long-term offtake arrangements.”
Allen & Overy LLP served as legal counsel to ClearPath and Shearman Sterling LLP served as legal counsel to Brookfield.
About ClearPath:
ClearPath develops, owns, and operates clean energy assets throughout its core markets across the United States. ClearPath’s mission is to advance the adoption of renewable energy by providing an abundance of clean energy solutions that serve communities and businesses across the United States.
ClearPath believes that every home, business, and community can be part of the renewable energy revolution—and ClearPath envisions a future where the company brings that opportunity to every doorstep across the country.
Founded in 2017, ClearPath is a high-growth developer focused on solar, storage and EV charging across the United States.
For more information, please visit www.clearpath.energy
About Brookfield Asset Management:
Brookfield Asset Management (NYSE: BAM, TSX: BAM) is a leading global alternative asset manager with approximately $800 billion of assets under management across real estate, infrastructure, renewable power and transition, private equity and credit. We invest client capital for the long-term with a focus on real assets and essential service businesses that form the backbone of the global economy. We offer a range of alternative investment products to investors around the world — including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies and private wealth investors. We draw on Brookfield’s heritage as an owner and operator to invest for value and generate strong returns for our clients, across economic cycles. For more information, please visit our website at www.bam.brookfield.com.
Contacts
MEDIA CONTACT: Jami Eastman, [email protected]
