Fundraising strengthens Generate’s position as the leading diversified investment and operating platform for sustainable infrastructure
Consortium of some of the world’s largest pension funds from Australia, Europe, U.S. and Canada participate in round led by existing investors AustralianSuper and QIC with new investment from Harbert Management Corporation
SAN FRANCISCO, July 19, 2021–(BUSINESS WIRE)–Generate, a leading sustainable infrastructure company, today announced it has raised $2 billion in corporate equity from some of the world’s leading institutional investors to accelerate the deployment of sustainable infrastructure. Existing investors AustralianSuper and QIC led the fundraising round with new investment from Harbert Management Corporation, Aware Super, and CBRE Caledon. The fundraising tapped many of the world’s largest long-term oriented pension funds and institutional investors from Australia, the U.S., and Europe, including additional commitments from existing investors AP2 of Sweden, Railways Pension of the UK and The Wellcome Trust.
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A Generate community solar project in Sullivan County, New York built in a partnership with Delaware River Solar. Generate’s portfolio of about $2 billion in sustainable infrastructure assets spans across the energy, waste, water and transport markets. (Photo: Business Wire)
Generate builds, owns, operates and finances sustainable infrastructure that delivers affordable and reliable resource solutions for companies, governments and communities. Over the last seven years, Generate has built a portfolio of about $2 billion in sustainable infrastructure assets across the energy, waste, water and transport markets, deploying proven solutions that can have an immediate impact on reducing greenhouse gas emissions and improving resource efficiency. The company works with more than 40 technology and project development partners to build infrastructure that serves the mission-critical needs of over 1,000 customers, including companies, universities, school districts, cities and non-profits across North America.
The new equity infusion makes Generate one of the most well-capitalized sustainability-focused enterprises in the world and will allow it to continue expanding its reach into new sectors and regions to meet rising demand for sustainable infrastructure.
“Generate is purpose-built to deploy sustainable infrastructure at scale and we are thrilled to reach this milestone that builds on our strong track record and enables our next phase of growth,” said Scott Jacobs, chief executive and co-founder of Generate. “Successful infrastructure projects require a long time horizon, dedicated operational expertise and a commitment to deliver returns for all of the many stakeholders involved in infrastructure. The urgent need to deploy proven climate solutions and get the world to a Net Zero pathway has never been greater. We are grateful to have a truly values-aligned set of investors committed to our mission of rebuilding the world.”
As the only one-stop shop for companies and communities looking to meet their Net Zero goals with new infrastructure, Generate offers customers the chance to quickly deploy solutions across diverse clean technology sectors. Because of Generate’s well-established Infrastructure-as-a-Service model, customers no longer need to make large capital commitments to meet their sustainability goals. They can rely on Generate to manage those infrastructure assets rather than taking that financial and operational risk – removing the key barriers to adoption of decarbonization and resource efficiency solutions. Generate’s holding company structure means that project developers and technology companies pioneering the Infrastructure Revolution have access to any and all types of financing and help needed to rebuild the world.
Generate has accelerated its business over the past year, despite a global pandemic and economic uncertainty, doubling staff across all business lines to meet this unprecedented opportunity in sustainable infrastructure. The company recently launched its Generate Credit unit dedicated to creating more credit solutions for green projects and companies, and geographic expansion beyond North America is also underway.
“Generate is a market leader, with an innovative business model that successfully leverages growing global demand for sustainable infrastructure solutions. Investing in Generate provides both an attractive investment return for our members and fosters the development of new sustainability focused technology which is making a real impact on the global transition to clean energy,” said AustralianSuper Head of Infrastructure Nik Kemp.
Added Ross Israel, Head of Global Infrastructure at QIC: “We are very pleased to continue partnering with Generate as it grows its sustainable infrastructure platform across power, mobility, waste, and water. This follow-on investment reinforces QIC’s sector-centric, thematic-based investment strategy across energy transition, decarbonization, and distributed infrastructure. We look forward to further leveraging our infrastructure sector expertise to accelerate the expansion of Generate’s high-quality platform across dynamic and rapidly growing markets for its customers.”
“As one of Australia’s largest pension funds, we have committed to achieving net zero by 2050 and have ambitious targets to invest in renewables and sustainable technologies to help us achieve this goal. This new partnership with Generate supports our growing portfolio of sustainable infrastructure assets in the US and globally. We look forward to supporting Generate’s continued impressive growth and development while delivering strong returns to our members,” said Mark Hector, Senior Portfolio Manager, Infrastructure and Real Assets, Aware Super.
Generate offers sustainability project developers and technology companies a comprehensive and flexible range of financial and operational solutions, establishing itself as the only “one-stop-shop” for sustainable infrastructure pioneers. The asset base the company owns, operates and finances includes renewable power, community solar, energy efficiency, microgrids, energy storage, electric mobility, hydrogen, wastewater, and waste management. Generate’s projects create thousands of jobs across communities and the infrastructure assets already on its balance sheet are expected to prevent over 43 million metric tons of CO2e from entering the atmosphere over the course of their operating lives.
“In infrastructure, stakeholder alignment is extremely challenging when you consider all of the various needs customers, communities, investors, regulators, suppliers and developers have. Generate has pioneered approaches that meet all of those needs, while solving some of the world’s most pressing problems. We are excited to continue partnering with the Generate team to rebuild the world,” says Helena Olin, head of infrastructure and real assets at Swedish national pension AP2.
Added Claude Estes, Co-Head of Investments at Harbert Infrastructure: “Generate has a deep bench of experienced professionals, an extensive pipeline via leading development partners and an aligned investor base which includes several of the largest and most respected capital providers in the world. Harbert believes that Generate will continue to execute on their vision and will benefit from durable energy transition tailwinds for the foreseeable future.”
Generate Capital, Inc. is a leading sustainable infrastructure company driving the infrastructure revolution. Generate builds, owns, operates and finances solutions for clean energy, water, waste and transportation. Founded in 2014, Generate partners with over 40 technology and project developers and owns and operates more than 2,000 assets globally. Generate is the one-stop shop offering pioneers of the infrastructure revolution tailored funding and support needed to get projects built. Our Infrastructure-as-a-Service model delivers affordable, reliable and sustainable resources to over 1,000 customers, companies, communities, school districts and universities. Together, we are rebuilding the world. For more information, please visit www.generatecapital.com.
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