Relevate Power Secures $15 Million Initial Investment from Greenbacker Capital Management and an affiliate of Aegon Asset Management

Relevate Power, a leader in the redevelopment of run-of-river hydropower assets, secured a $15 million investment in the first close of a significant growth equity raise. Led by Greenbacker Development Opportunities Fund (“Greenbacker”) and Aegon Real Assets US, an affiliate of Aegon Asset Management, the initial close will support plans for an acquisition and construction of Relevate Power’s national operations center.

Approximately 2,300 power-generating dams in the U.S. provide over 28% of our total renewable electricity. The majority of these plants are small, sub-20MW, run-of-river facilities built in rural communities prior to 1990. Over the last 20 years, many of these facilities have suffered from under-investment and sub-optimized operations, reducing their generating capacity. After acquiring aging and underperforming hydro facilities, Relevate Power invests in operational improvements to provide 24/7 clean power to local organizations and ensure the balanced management of the river on behalf of its many stakeholders.

“The commitment from Greenbacker and Aegon Real Assets US strengthens our financial foundation, enabling us to pursue an exciting acquisition and commence construction on our national operations center,” said Matthew Wenger, CEO of Relevate Power. “We are continuing to see an outsized market opportunity for our hydro-first approach to 24/7 power in rural areas and anticipate raising additional funds in the coming months to further enhance our project portfolio and operations."

Today, Relevate owns and operates 21 run-of-river hydropower facilities across the northeast. The company is currently on track to triple its footprint by the end of 2024, investing heavily in the Midwest while augmenting its current New England portfolio. The cornerstone of its growth strategy is Relevate’s national operations center, which will provide 24/7 remote operations and monitoring of its fleet of assets, centrally scheduling maintenance, and optimizing power markets.

Benjamin Baker, Managing Director at Greenbacker Capital Management, which manages the Greenbacker Development Opportunities Fund, said, "We are pleased to contribute to this round of funding, reaffirming our support for Relevate Power’s approach to hydropower redevelopment. Relevate’s work is crucial for the ongoing transition to a more sustainable energy system, and we are confident in their capacity to achieve significant impacts in this sector."

About Relevate Power

Founded in 2022 from the merger of IPPs Dichotomy Power and Clear Energy, along with the power marketing firm Standard Power, Relevate Power is committed to redeveloping underutilized hydropower plants, providing affordable, clean energy to rural America’s most impactful organizations. The company is backed by Greenbacker Development Opportunities Fund I, LP. and Aegon Asset Management Real Assets.

For more information, visit www.RelevatePower.com.

About Greenbacker Development Opportunities

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.

About Aegon Asset Management Real Assets

Aegon Real Assets US is an affiliate of Aegon Asset Management (Aegon AM). Aegon AM’s approximately 385 investment professionals manage and advise on assets of USD 337 billion for a global client-base of pension plans, public funds, insurance companies, banks, wealth managers, family offices and foundations (as of March 31, 2024). Aegon Real Assets US is focused on delivering yield-oriented debt and equity strategies spanning the risk/return spectrum. We have a 40-year track record and have built our business on a cycle-tested platform, deep and broad market access, and long-term relationships. Our debt and equity strategies seek to deliver strong relative value and yield through a research-intensive process.

For more information visit https://www.aegonam.com/realassets.

Originally published: https://www.globenewswire.com/news-release/2024/06/20/2901718/0/en/Relevate-Power-Secures-15-Million-Initial-Investment-from-Greenbacker-Capital-Management-and-an-affiliate-of-Aegon-Asset-Management.html