Swiss fund manager SUSI Partners AG has bought a controlling stake in US solar and battery storage developer Encore Renewable Energy, with plans to back the company’s ongoing transformation into an independent power producer (IPP).
Based in Burlington, Vermont, Encore is engaged in the design, development, financing, permitting and construction of solar and energy storage projects on landfills, brownfields and carports. The business is active throughout the northeastern part of the US. It said that with SUSI’s backing, it hopes to develop over 500 MW of community-scale projects plus a portfolio of utility-scale systems over the next five years.
“This investment marks a critical step in our multi-year strategic transition into an IPP which will enable us to accelerate the deployment of solar and energy storage projects, strengthen the partnership between ourselves and our customers and continue to grow our company,” said Blake Sturcke, co-CEO of Encore Renewable Energy.
SUSI Partners said it made the investment through the SUSI Energy Transition Fund (SETF) but did not disclose its size. It mentioned it will inject additional equity into Encore so that the acquired business can scale its operations and further strengthen its asset base.
This is SETF’s second investment in the US following last year’s acquisition of a 100-MW portfolio of ready-to-build battery energy storage projects in south Texas. The Swiss fund manager pointed out that this portfolio is well on track to become fully operational before the summer.